Nifty records all-time high

Nifty records all-time high

IANS Photo

New Delhi, March 2 (IANS) Nifty regained strength with a strong bullish candle formation to record an all-time high crossing the 22300 zone with sentiment and bias turned strong, says Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher.

Bank Nifty with a big bullish candle indicated a clear breakout above the descending channel pattern on the daily chart anticipating further rise in the coming days. Sectorwise Metals, Auto, Banking stocks, Financial Services, Energy and Infra were among the major gainers while Media, Pharma and IT were among the laggards. The market breadth was strong with the advance decline indicating a ratio of 3:1 at close, Parekh said.

Nifty witnessed a strong pick-up from the morning session to gain strength as the day progressed and breached above the 22200 zone to hit once again the all-time high of 22353 level to end on a strong note, Parekh said.

The index once again is in a strong uptrend with next targets of 22500 and 22800 levels expected in the coming days. BankNifty finally witnessed a strong bullish candle on the daily chart to recover from the 50EMA zone of 46250 level to close on as strong note near 47300 levels with sentiment much improved expecting for further rise. The index would have the next targets of 48400 and 49700 levels, respectively with near-term support maintained near 46200 zone, Parekh said.