Nifty crosses 21000 mark, at new all-time high

by IANS |

New Delhi, Dec 8 (IANS) The Nifty reached a new all-time high as the RBI Governor announced the monetary policy, surpassing the 21,000 mark, says Rupak De, Senior Technical analyst at LKP Securities.


The RBI Governor maintained the key lending rates at 6.50 per cent, a decision that had already been expected and factored in by the market participants. The upward revision of the real GDP growth projection for 2023-24 is anticipated to have a positive impact on the market.


In the short term, the Nifty might see volatility; only a clear breakout above 21,000 could drive the index towards the range of 21,550-21,700. A critical support level is situated at 20,800, he said.


The market is likely to remain in a range in the near-term. A consolidation around the present levels is likely before the next phase of the rally begins, says V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.


The undercurrents in the economy indicate a robust economy capable of sustaining the current trend of earnings growth into FY 25. Leading indicators like power demand, housing demand, credit growth and revival of rural demand suggest a resilient economy which can keep the market buoyant, restrained only by valuations, he said.


Fairly valued segments like banking may be accumulated on dips.


Falling crude is positive for paints, tyres and aviation where demand continues to be robust, he added.

Latest News
AAP candidates' poaching: ACB sleuths not allowed to enter Kejriwal's house Fri, Feb 07, 2025, 05:01 PM
Insult to humanity: DK Shivakumar condemns 'shackling' of Indian deportees by US Fri, Feb 07, 2025, 04:49 PM
Plane with 10 onboard missing in Alaska Fri, Feb 07, 2025, 04:47 PM
Railway to start running electric trains in southern Assam and Tripura soon Fri, Feb 07, 2025, 04:44 PM
Pakistan: Security forces harass farmers, forcibly collect electricity bills in Punjab province Fri, Feb 07, 2025, 04:43 PM
Sensex, Nifty end lower as investors assess RBI MPC decision Fri, Feb 07, 2025, 04:40 PM
Four killed, several injured in firecracker factory blast at Bengal's Kalyani Fri, Feb 07, 2025, 04:19 PM
Gujarat govt withdraws sedition cases against Patidar leaders Fri, Feb 07, 2025, 04:07 PM
AAP will secure victory in over 50 seats, says Gopal Rai Fri, Feb 07, 2025, 03:26 PM
Warmth, hospitality by Prez Droupadi Murmu made my Rashtrapati Bhavan visit special: Sachin Tendulkar Fri, Feb 07, 2025, 03:23 PM
59 cases of HMPV reported from 11 states in January: Prataprao Jadhav Fri, Feb 07, 2025, 03:18 PM
RBI defers rollout of LCR norms by a year in big relief to banks Fri, Feb 07, 2025, 03:14 PM
UN announces 15 innovation hubs to fuel digital transformation in Kenya Fri, Feb 07, 2025, 03:08 PM
Zambia assures stable HIV drug supply despite US funding halt Fri, Feb 07, 2025, 03:07 PM
NDA MPs from Bihar thank PM Modi for budget bonanza, gift him Madhubani paintings Fri, Feb 07, 2025, 03:06 PM