- August 28, 2024
Stock market today: BSE Sensex opens in green; Nifty50 near lifetime high – Times of India
Stock market today: Indian equity benchmark indices, BSE Sensex and Nifty50, opened in green on Wednesday. While BSE Sensex was above 81,800, Nifty50 was near its lifetime high. At 9:17 AM, BSE Sensex was trading at 81,801.87, up 90 points or 0.11%. Nifty50 was at 25,038.70, up 21 points or 0.084%.
“Markets are optimistic about the US Fed policy rate cut following Jerome Powell’s supportive comments and the Federal Reserve’s confidence in achieving its 2% inflation target.Further buying by FIIs over the last three days added to the sentiments. We expect this up-move to continue with Nifty likely headed towards new highs in near term supported by broader market and stock specific action,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.
Establishing new highs soon is crucial for triggering momentum and paving the way for further gains. Immediate support levels to watch are 24975 and the bullish gap around 24850, while resistance is expected at 25080–25100 and subsequently at 25400. Traders should monitor these levels and adjust their strategies accordingly, advised Rajesh Bhosale of Angel One.
Foreign portfolio investors emerged as net buyers, investing Rs 1,503 crore on Tuesday, while DIIs sold shares worth Rs 605 crore.
The net long position of FIIs increased from Rs 57,349 crore on Monday to Rs 86,286 crore on Tuesday.
“Markets are optimistic about the US Fed policy rate cut following Jerome Powell’s supportive comments and the Federal Reserve’s confidence in achieving its 2% inflation target.Further buying by FIIs over the last three days added to the sentiments. We expect this up-move to continue with Nifty likely headed towards new highs in near term supported by broader market and stock specific action,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.
Establishing new highs soon is crucial for triggering momentum and paving the way for further gains. Immediate support levels to watch are 24975 and the bullish gap around 24850, while resistance is expected at 25080–25100 and subsequently at 25400. Traders should monitor these levels and adjust their strategies accordingly, advised Rajesh Bhosale of Angel One.
Foreign portfolio investors emerged as net buyers, investing Rs 1,503 crore on Tuesday, while DIIs sold shares worth Rs 605 crore.
The net long position of FIIs increased from Rs 57,349 crore on Monday to Rs 86,286 crore on Tuesday.
