Auto and real estate stocks drive widespread market rally

Mumbai, April 8 (IANS) – The Nifty maintained its strength by staying above 22,500 throughout Monday, exceeding the previous all-time high of 22,619, as per Rupak De, Senior Technical Analyst, LKP Securities. However, the index might face resistance in the short term due to the rising wedge pattern.

While the Nifty closed 152.60 points or 0.68 per cent up at 22,666.30, the Sensex ended 494.28 points or 0.67 per cent higher at 74,742.50 on Monday. Vinod Nair, Head of Research, Geojit Financial Services, attributed the buoyancy to sectoral tailwinds and Q4 earnings growth expectations.

The up-move was broad-based, with outperformance by auto, realty, oil & gas, and consumer discretionary sectors. IT sector lagged behind due to weak Q4 growth predictions. Global investors are keeping an eye on US CPI data, ECB policy, and UK GDP data in the upcoming week.

Kunal Shah, Senior Technical and Derivative Analyst at LKP Securities, highlighted that Bank Nifty showed indecision in the market with a doji candle formation on the daily chart. The sentiment remains bullish, contingent upon the index maintaining support above 48,000. To sustain upward momentum, breaching the 48,700 mark is crucial for further gains towards the 49,500 to 50,000 range.


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