Friday, July 11, 2025
spot_img

Benchmark indices at record highs, markets in overbought condition

Date:

Share post:

spot_imgspot_img

Shillong, December 4: The benchmark indices reached new record highs on Monday, with Nifty surpassing 20,650 and Bank Nifty achieving a record high, gaining 1617.20 points, said Mandar Bhojane, Research Analyst at Choice Broking.

The Nifty closed the day with a substantial gain of 418.9 points or 2.07 per cent, settling at 20,686.80. At close, the Sensex experienced a significant surge, rising by 1,383.93 points or 2.05 per cent to reach 68,865.12.

This positive market momentum reflected an overall sense of optimism and confidence in the financial markets.

Bulls demonstrated strong dominance in Monday’s trade, propelling the index higher right from the beginning.

Except for media and pharma sectors, all others concluded the day with gains, with banking and energy stocks emerging as the top performers.

However, mid and smallcap indices underperformed as buying was concentrated to index-based stocks, Bhojane said.

On the daily chart, the Nifty sustained its upward momentum after a gap-up opening of 300 points, forming a robust bullish candle indicative of a strong uptrend.

However, a closer examination of lower time frames, particularly the hourly charts, revealed an overbought condition. A correction, either in terms of time or price, seems warranted, suggesting that one should consider entering positions on dips for a more favorable risk-reward profile, Bhojane added. (IANS)

spot_imgspot_img

Related articles

We missed no targets in Pak, not even a glass pane broken in India: NSA Doval on Op Sindoor

New Delhi, July 11: National Security Advisor (NSA) Ajit Doval on Friday addressed the convocation ceremony at IIT...

NSA Doval debunks distorted foreign reportage on ‘Operation Sindoor’

New Delhi, July 11: National Security Advisor (NSA) Ajit Doval on Friday delivered a sharp rebuke at the...

Trinamool leader brutally murdered on busy road in Bengal’s Bhangar

Kolkata, July 11: A local Trinamool Congress leader was shot and hacked to death on a road at...

Crocodile kills woman collecting water in MP river

Damoh, July 11: In an incident of human-wildlife conflict in Madhya Pradesh, a fatal crocodile attack has occurred...