Sensex scales 60K as RBI stance stays accommodative

he stock markets closed on a buyoant note on Friday at end of trading session. The Nifty50 ended at record closing high of 17,895.20 with gains of 104.90 points. The BSE Sensex jumped 381 points to 60,059.06.

Gaurav Udani, CEO and Founder, ThincRedBlu Securities said, "The Nifty closed positive at 17,905 , up by 110 points. Since the last few trading sessions Nifty has been face strong resistance in 17,800-17,950 range. It is important for Nifty to close above 17,950 with higher than average volumes to resume its upward journey. Fresh longs should be initiated only on closing above 17950 or near its support range of 17,580-17,620 with strict stop loss."

Sachin Gupta, AVP-Research, Choice Broking, said, "On the technical chart, the Nifty has formed like a Doji candlestick and settled higher.

On a weekly basis, the index has gained almost 2 percent from the previous week's close. A momentum indicator RSI moved above 60 levels while Stochastic has indicated positive crossover on a daily timeframe. At present, the index has immediate support at 17,700 while resistance comes at 18,000 levels."

Mohit Nigam, Head PMS, Hem Securities, said, "The stock price of Reliance surged 3.76 percent today and crossed the market cap of 18 Lakh crore. Very strong buying was seen in Nifty IT and Nifty PSU and Nifty Realty was the worst-hit sector today. Stocks like Persistent Systems and IEX rallied 5.26 percent and 8.68 percent respectively. Mobikwik got SEBI’s approval for Rs.1900 crore IPO. On technical front, strong support can be seen at 17,790 level and a good move can be expected above 17,920 level.”