July 10, 2024 / 9:10 AM
Sensex Today | Nifty may rise further towards 24,520-24,600: Aditya Gaggar, Director, Progressive Shares
A strong rally in auto stocks helped the index close trading at a new record level of 24,433 on July 9. The index formed a big green candlestick and firmly breached the previous high, paving the way for further gains towards the 24,520-24,600 zone. Meanwhile, 24,340 is considered as a strong immediate support.
BankNifty has been fluctuating within a stable range of 52,260-52,720 and a breakout on either side is a must (most likely on the higher side given the strong uptrend).
The Auto sector ended over two weeks of consolidation with a strong breakout signalling resumption of uptrend.Follow-up buying was seen in the FMCG sector after the strong breakout, increasing our confidence to remain bullish on this sector (ITC is on the brink of a major breakout).
Sugar stocks are regaining momentum with some already seeing significant gains (Andhra Sugar, Dalmia Sugar) and others on the cusp of a major upswing (Balrampur Chini, Renuka Sugar).
We remain positive on the pharma sector as it performed in line with expectations.The PSU banking sector is witnessing a bullish flag and pole formation breakout attempt and is one to watch.
