Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
The record rally continued at the Dalal Street on April 10 with Nifty50 index hitting fresh all-time high, led by buying across the sectors and ahead of FOMC minutes and US inflation data later today.
The index started the session above 22,700 and remained rangebound throughout the session but in the final hour of trade the index climbed to 22,775.70, crossing earlier record high of 22,768.40.
Nifty ended 111 points, or 0.49 percent, higher at 22,753.80, from the previous close.
"The Nifty mostly remained sideways today as investors preferred to wait ahead of the US CPI inflation data, which could potentially impact rate cuts by the Fed. The resistance zone is placed at 22,700-22,750, while support is at 22,600," said Rupak De, Senior Technical Analyst, LKP Securities.
"A decisive move above 22,750 might induce a rally towards 23,000 in the short term. Since the market appears to be range-bound, buying on dips and selling on rallies might prove to be a good strategy with proper stop-loss measures," he added.
Nifty Bank also opened on a positive note and extended the gains as the day progress and crossed 49,000 level for the first time.
The index hits a fresh record high of 49,057.40 and ended 0.53 percent higher at 48,986.60.
"The Bank Nifty index remained in consolidation mode at elevated levels, struggling to close above the 49,000 mark. Immediate support rests at 48,500, with resistance at 49,000. Any decisive move beyond these levels is expected to trigger trending moves," said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
"The index maintains a buy-on-dip stance, with 48,500 acting as a crucial support level to cushion against any downturns," he added.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!