July 10, 2024 / 09:10 AM IST
Sensex Today | Nifty may further rally towards the 24,520-24,600: Aditya Gaggar, Director of Progressive Shares
A strong rally in the Auto counters helped the Index to end 9th July trade at another record level of 24,433. The Index has breached its previous high convincingly by forming a big green candle and opening the door for further rally towards the 24,520-24,600 zone while 24,340 will be considered strong immediate support.
BankNifty oscillates in a well-maintained range of 52,260-52,720, a breakout on either side is a must (mostly on the higher side, considering the strong uptrend).
The Auto segment ended its consolidation of over 2 weeks with a strong breakout indicating the resumption of its uptrend. Post the strong breakout, follow-up buying was witnessed in the FMCG segment which boosted our confidence to remain bullish on the sector (ITC is on the verge of a major breakout).
Sugar counters regained their momentum and some of them have already given a strong breakout (Andhra Sugar and Dalmia Sugar) and some are at the cusp of a major breakout (Balrampur Chini and Renuka Sugar).
By performing as per our expectations, we continue to remain positive in the Pharma space. An attempt at a bullish Flag and Pole formation breakout was observed in the PSU Banking sector, one should keep an eye on it.
