Sensex and Nifty at 50 as the domestic benchmark indexes.

Sensex and Nifty at 50 as the domestic benchmark indexes, on Thursday’s session, topped record high levels for the 3rd consecutive session in a row led by some of the key giants. The benchmark indices set fresh record highs in the session, with the Nifty 50 exceeding the 23,900 mark for the first time to hit a high 23,974 points,  drawing near the 24,000 level. At 12:15 PM, Nifty grazed 24,000 level. It took almost 23 sessions for Nifty 50 to grow from 23,000 to 24,000 level.

The Sensex crossed the 79,000 mark for the first time, hitting a sensational high of 79,013 points. UltraTech Cement, Reliance Industries, ICICI Bank, and Axis Bank, Grasim Industries, marked new 52-week highs in today’s trade. Cement stocks are currently dominating among individual stocks, five constituents of the Nifty 50 with Grasim Industries rallying 2.6%,  and UltraTech Cement trading up 4.3%.

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Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One said, “Key heavyweights continue to push the benchmark index higher to achieve new targets. We remain positive on the market and advise traders to maintain a positive bias and use any dips as a buying opportunity.” The Sensex and the Nifty 50 began Thursday’s trading soaring high levels with mere gains on the day of the monthly derivatives’ expiry but eventually found losses because of profit-booking at the initial stage.

The market sell zone in the Nifty 50 is trading in the range of 23,975 to 24,030, any breakout from this resistance level, the Nifty 50 has the potential to test 24,250 on the top side which would be the intermediate top for the short-term taking this critical point, it is important to understand that the FII long position has reached the overbought zone and is at a six-year high, all long positions should be unspooled as the risk to reward on the upside is very low and doesn’t warrant going long, according to reports quoting Rahul Ghose, CEO of Hedged. in.

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On June 26, the Nifty 50 and Sensex restarted their record run for a second session. Nifty 50 reached 23,850 for the first time, driven by multiple banks and giants. The Nifty 50 grazed 147.50 points, or 0.62%, at 23,868.80, while the Sensex was up 620.73 points, or 0.80%, at 78,674.25.