Today, the Sensex crossed a major psychological milestone of 85,000, supported by favourable global conditions. This record-breaking move came on the back of the US Federal Reserve’s decision to cut rates, which boosted sentiment across global markets. While the index ended slightly below its peak, it reflects investor optimism in India’s growth story.
With profit-taking setting in, the Sensex settled at 84,914. Technical analysis reveals key support at 82,712.67, while the 85,000 mark now acts as a significant resistance level. Traders should be mindful of these levels as the market navigates this crucial phase.
In terms of sectoral action, metals like Tata Steel outshined others, posting solid gains. On the flip side, financial stocks witnessed some selling pressure, with names like SBI Life seeing declines. The mixed performance highlights that investors are becoming more selective, focusing on specific opportunities amidst elevated market valuations
Analysts suggest that market dips could provide entry points for long-term investors. A “SIP on DIP” approach might be a prudent strategy to adopt, especially with expectations that the Sensex could hit 100,000 in the coming year. For now, careful stock selection remains ke
This post was last modified on Sep 24, 2024, 13:53 BST 13:53