The Indian stock market saw a boom last week. The market closed with a bounce on Friday, the last trading day of the week. The impact of continuing foreign capital inflow and strong trend in global markets was also seen on the Indian stock market. The market made a new record on Friday. Both the Sensex and Nifty indices closed at their all-time highs. According to analysts, heavy buying was seen in major companies Infosys, HDFC Bank and HDFC, Reliance Industries and TCS. Its effect was seen in the stock market for the third consecutive day as well and the market closed with gains.
Meanwhile, the BSE’s 30-share index Sensex closed at its all-time high of 64,718.56, up 803.14 points or 1.26 per cent. At one point during the trading session, it had increased up to 853.16 points i.e. 1.33 percent. The NSE Nifty also closed at a record high of 19,189.05, up 216.95 points, or 1.14 percent. At one point during the trading session, it rose by 229.6 points, or 1.21 per cent, to reach a high of 19.201.70.
In other Asian bourses, South Korea’s Kospi and China’s Shanghai Composite closed with gains, while Japan’s Nikkei and Hong Kong’s Hang Seng declined. Europe’s stock markets were trading with gains in the afternoon. A day before on Thursday, there was a significant boom in the American markets. This week many stocks have given excellent returns to the investors. Know how the market may move next week. When there are stocks that can give profits.
There was a boom in these stocks
Mahindra & Mahindra was the top gainer in the Sensex group with a gain of four per cent. On the other hand, shares of IndusInd Bank, Infosys, Tata Consultancy Services, Maruti, Larsen & Toubro, Tech Mahindra, Wipro, Power Grid, HDFC Bank, HDFC, Bajaj Finance and Reliance Industries also gained. On the other hand, even during this rally, ICICI Bank and NTPC suffered losses and their shares fell.
What will be seen in the market next week?
According to experts, Nifty’s support has strengthened after the market closed on Friday. The momentum indicator Relative Strength Index i.e. RSI has broken the lower higher formation on its daily chart. This is a positive sign for the index. At the same time, Nifty has closed with gains on the daily chart in the last three consecutive trading sessions. Nifty may face resistance near 19200 due to more call writing than put writing. However, movement on the 19200 strike price will give an indication about the intraday direction of Nifty on Monday. Strong closing has also been seen in Bank Nifty. Bank Nifty’s support has shifted to 44500. Talking about the next target of Nifty, according to experts, it seems to be 19500-19400. For Nifty, there is a strong support near 19000-19050 and resistance near 19380-19400.
