Mid-Market Comment by Mr Shrey Jain, Founder and CEO SAS Online - India`s Deep Discount Broker
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The Indian stock market made a strong comeback, with the Sensex soaring 1,000 points to surpass the 81,000 mark, while the Nifty moved closer to 24,800. This upward surge was fueled by impressive Q1 results. All sectoral indices attracted significant buying interest, with the Auto and IT indices hitting record highs. The MidCap index also recorded a notable 2% increase.
The Nifty has successfully surpassed the 24,600 resistance level and is now inching towards its all-time high of 24,850, which may act as the next hurdle. The 24,500 level is expected to serve as the new support for the Nifty.
Looking ahead, we anticipate the market to maintain its upward momentum, with earnings-driven, stock-specific movements influencing the intraday action. Overall, a "buy on dips" strategy is advisable in the current market scenario.
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