Tuesday witnessed a buoyant closure for Nifty, with a majority of sectoral indices showcasing positive gains. Nifty 50 marked an 89-point surge, closing at 19,783.40, a 0.45% uptick, while the Sensex concluded at 65,930.77, up by 276 points or 0.42%.
Vaibhav Vidwani, a Research Analyst at Bonanza Portfolio, highlighted the outperformance of sectors like Nifty Metal, Nifty Realty, and Nifty Pharma, exhibiting gains of 1.22%, 1.13%, and 1.03%, respectively. He attributed the surge in the metal sector to escalating international demand, while the realty sector witnessed investor interest due to robust housing demands in the market.
Among the Nifty gainers were SBI Life Insurance, HDFC Life, Adani Enterprises, Hindalco Industries, and JSW Steel. Conversely, Coal India, ONGC, BPCL, Tech Mahindra, and LTIMindtree faced declines during the session.
Senior Technical Analyst Rupak De from LKP Securities noted the positive sentiment in Nifty's performance, emphasizing its sustained closure above the critical support level of 19,500. He advised traders to consider buying opportunities during downward movements, as long as Nifty maintains its position above 19,500. However, a breach below this level might incite concern among traders. De further forecasted the potential for an upward surge, indicating that a rise beyond 19,850 could trigger a rally aiming towards the 20,000 mark and beyond.
(With Agency Inputs)
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