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Nifty needs to sustain 9610 to witness a fresh upsurge

The major indices in the market witnessed a stellar rally in past week. Nifty crossed 9600 and Sensex crosses 31000 mark for the first time ever. However, Nifty closed below its psychological vital level of 9600 in the Friday’s trading session.

Nifty is seen to be forming strong bullish candle on both daily and weekly charts. The market observers report that the bulls are fully in control of the market and Nifty is expected to continue its upward rally for a while.

The market experts are expecting that the Nifty50 needs to sustain above the level of 9,610 to witness any upward movement towards the level of 9,650. On the downside, the support for Nifty50 is pegged at levels of 9,565 and 9,530.

The foreign portfolio investors have invested a huge amount of around Rs 9000 Cr in Indian equities market for the month of May, reported the leading business news agency.

The pharma stocks have witnessed strong sell-off in the past week. The quarterly financial result of Aurobindo Pharma is going to hit the market today. The stock would be in focus for Monday’s trading session. The other key results to watch out for are Bajaj Electricals, BEL, BHEL, BPCL, Coal India, Escorts, GSFC, Jubilant Foods

 

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