The broader market continued to lose momentum as most small and midcap indices closed in the red. The volatility indicator also jumped as traders were on their toes.
There are higher possibility of the key sectors like banks, FMCG, IT, etc., continuing to relatively outperform or at least improve on their relative strength. While staying vigilant on existing profits, we recommend using trailing stop-loss to protect gains. A positive outlook is advised for the day.
The 30-share pack Sensex climbed 593.31 points or 1.08 per cent to close at 55,437.29. Its broader peer NSE Nifty rose 164.70 points or 1.01 per cent to 16,529.10. Both indices scaled new highs.
Mazhar Mohammad of Chartviewindia.in said the near-term trend may remain directionless, as Nifty50 appears to be in a new trading range between 16,350-16,160.