In Monday's trading session, PSU (Public Sector Undertaking) stocks emerged as the top gainers in an otherwise flat market. The BSE CPSE (Central Public Sector Enterprises) index led the gains with a substantial increase of 1.5%. Individual stocks within this index recorded impressive gains, with some surging by up to 8%.
Among the notable performers, KIOCL saw an 8% increase, Railtel gained 7%, NFL (National Fertilizers Limited) and HOCL (Hindustan Organic Chemicals Limited) each witnessed a 7% rise. Other notable gainers included Engineers India (up 6%), RCF (Rashtriya Chemicals and Fertilizers) up by 4%, BHEL (Bharat Heavy Electricals Limited) up 4%, NALCL (NALCO) up 4%, and NHPC (National Hydroelectric Power Corporation) up 4%.
In contrast, the broader market, represented by the BSE Sensex, experienced a marginal decline of 50 points, settling at 72,190 points. Despite this, the overall market sentiment appeared relatively flat.
According to Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher, the Nifty index exhibited a pause in its upward movement around the 21,800 zone, encountering resistance. However, the bias remained positive as the index maintained a range-bound pattern near the 21,720 zone throughout the session.
Parekh emphasized that the Nifty index is likely to sustain support around the 21,550 level in the near term. The technical analysis suggests that the index may aim for significant targets in the range of 22,200-22,300 levels in the coming days, maintaining a robust uptrend. The support and resistance levels for the day are identified at 21,600 and 21,900, respectively.
(With Agency Inputs)
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