The 50- share Index settles above 9760 for the first time after technical glitches force the Exchange to temporarily halt trading
It’s been over a month since Nifty breached the 9700 mark for the first time in its history, before slipping into a short- term correction mode. However, since the expiry of the June derivatives contract last Thursday, the Indian Stock Markets led by the benchmark Indices; Nifty and Sensex have seen a major turnaround.
In the last few sessions, the Indian Stock Markets could easily be counted among the best performing indices, globally. With major International Stock Indices caught in a tight trading range over the last couple of weeks, the Nifty has managed a dramatic pull back after hitting lows of 9448 with gains of over 3.25 percent in the last 7 trading sessions.
Most of the sectors have contributed to the Index gains, with technology stocks being an exception while quite a number of stocks from the small and mid- cap space have outperformed the Index by a wide margin.
On charts, the near, medium and long term trends remain bullish and the Index could continue to scale new highs over the next few weeks. Near- term supports for Nifty are placed at 9600- 9680, which could offer good buying opportunities for investors who missed out on the recent rally while the Index could face stiff resistances at 9820- 9950, before hitting the magic 10k figure.
Investors who are already invested in the markets can continue holding on to the stocks for a few more months as the Index looks to extend gains and target numbers way beyond 10,000....