Shillong, October 11: On Wednesday, the BSE Sensex surged by 402 points, reaching a level of 66,481, while Wipro recorded a notable increase of more than 3.5%.
As per IANS, V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, commented on the market’s performance, noting that the Nifty’s proximity to its all-time high, with just a 2.5% gap, reflects the market’s strength and resilience.
He emphasized that despite sustained selling by Foreign Institutional Investors (FIIs), buying by Domestic Institutional Investors (DIIs), High Net Worth Individuals (HNIs), and retail investors is counterbalancing the selling pressure and providing support to the market. He suggested that safety can be found in large-cap stocks.
Vijayakumar highlighted the stock market’s unique ability to overcome various challenges. Even amidst the West Asian crisis, he noted that global markets display resilience. The fundamental support for the market, he explained, arises from the strength of the US economy, declining US bond yields, and the hope that the Israel-Hamas conflict will remain localized and not significantly impact crude oil prices. However, he cautioned investors to remain vigilant, as a potential worsening of the situation cannot be ruled out.
Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher, indicated that the Nifty rebounded from the previous session’s turbulence, signaling a strong pullback and closing near the 19,700 level, which has helped alleviate sentiment to some extent. She advised maintaining a cautious approach, stating that the index needs to surpass the 19,800 level to substantially improve the trend and anticipate further gains. The day’s support level is identified at 19,550, while resistance is observed at 19,800.
