Nifty 50 closes above 18800 level; Will it cross all-time high next week?

Today, Nifty 50 opened at 18723.30 with a flat opening from its previous day’s closing of 18688.10. During the intraday session it touched a high of 18864.70 which is just 23 points below from its all-time high of 18887.60 and eventually closed at 18826.

All the major Indices on NSE were showing bullishness and closed positive except Nifty Realty and Nifty IT Index today. If we look at Nifty Bank, it opened at 43,583.35, 139 points up from its previous day closing of 43,443.60 and closed at 43,938.

Heavy weights like Reliance Industries, HDFC Bank, HDFC Ltd supported Nifty 50 very well to continue its up move and stay positive throughout the day. Stocks from Insurance pack like HDFC Life Insurance and SBI Life Insurance surged by 5.9% and 3.2% respectively and were the top gainers. The two Adani stocks from the Adani Groups, Adani Ports and Adani Enterprises also closed positive, amid FTSE rejig and would see an inflow of funds. From the IT pack Wipro and TCS fell by 2.2% and 1.2%, respectively.

On Thursday, June 15 during weekly expiry both Nifty50, and Nifty Bank Index showed some bearishness and started falling from the early trading session and eventually closed nearly around day’s low.

Today’s Top Gainers:

Today’s Top Losers:

Top Volume Gainers:

Technically Nifty 50 is looking strong on chart and forming higher highs on an hourly timeframe and it is trading above all the key moving averages like 20 days, 50 days, 100 days, 200 days. The RSI is hovering around 67 on the daily time frame.

Companies like ITC, IndusInd Bank, Ultratech Cement, Larsen & Toubro, and Axis bank has generated an absolute return of over 50% during the last one year. The upcoming week holds a great interest for both investors and traders as they eagerly await whether the Nifty 50 index will surpass its all-time high. 

Will the Nifty50 reach a significant milestone of 19000 levels in the upcoming week, well let’s wait and watch.