Stock Market Closed With a Good Rise

 

The stock market experienced a robust surge today, marking an impressive start to the March series.

Both the Sensex and Nifty attained new highs, while midcap and smallcap stocks displayed a sustained upward trajectory.

Despite a mixed performance in Pharma and IT sectors, nearly all other sector indices exhibited bullish trends, with notable buying activities observed in metal, auto, and PSE shares. Energy, infra, and realty shares also witnessed positive momentum.

By the end of the trading session, the Sensex soared by an impressive 1245 points, concluding at 73,745, while the Nifty closed 356 points higher at 22,339.

Bank Nifty exhibited a significant uptick, closing at 47,287, up by 1166 points, and the Jabti Midcap rose by 455 points to close at 48,791.

Remarkably, 23 out of the 30 Sensex stocks experienced buying, paralleled by 37 out of 50 Nifty stocks closing on a positive note.

All 12 shares of Bank Nifty witnessed buying interest. Concurrently, the rupee strengthened marginally by 1 paise, closing at 82.90 against the dollar.

Top gainers on Nifty included Tata Steel, L&T, JSW Steel, Titan Company, and IndusInd Bank.

On the flip side, the top losers comprised Dr. Reddy’s Laboratories, Sun Pharma, HCL Technologies, Infosys, and Britannia Industries.

Looking ahead to March 4, analysts, including Jatin Gedia from Sharekhan and Ajit Mishra of Religare Broking, provided insights into potential market movements.

Gedia highlighted Nifty’s breakout from a running triangle pattern on the daily chart, signaling the initiation of a new bullish phase.

He anticipated Nifty reaching levels of 23,000–23,100 in the short term, with support seen in the zone of 21,900–21,860.

Meanwhile, Mishra emphasized a “buy on dips” strategy until the support of 21,900 is breached.

He anticipated Nifty reaching 22,800 and highlighted the continuing significance of the banking sector in maintaining the current uptrend.

Additionally, rotational buying in other sectors was expected, with traders advised to focus on select stocks and prefer major indices and large midcap counters for long trades.

Source:

https://lc.cx/0NUWeb

Nifty Closed at 22,339; Nifty Prediction for Monday