Muhurat trading for Samvat-2077 takes off on brisk note

Mumbai: Muhurat trading for Samvat 2077 started on a brisk note on Saturday and one could see that there was an optimist mood in the market. BSE Sensex gained 194.98 points or 0.45 per cent to close at 43,637.98 points while Nifty gained 60.30 points or 0.47 per cent to close at 12,780.25 points.

To be more precise, Nifty-50 opened up with a gap near 12823 levels made high of 12828 and finally close in Green near 12770 mark giving up initial gains. Stillshort, medium and long-term trend positive.

According to Arun Kejriwal, founder, Kejriwal Research & Investment Services (KRIS), 2076 saw the benchmark indices BSE Sensex and Nifty register double digit gains. This was done even though the pandemic covid-19 hit globally.

The gains are on the back of incentives, relief measures, production linked benefits and massive global inflows.

Going forward one would see benefits of these measures bearing fruit as the government has introduced measures to benefit real estate for both developers and home buyers as well. One should expect markets to remain buoyant in Samvat 2077 as well, Krjriwal said.

Nifty 50 remained close on Monday due to Holiday. Tuesday Nifty is expected to open on positive note. All the global cues are positive.Short, Medium and long-term trend positive for Nifty. Nifty would face resistance near 12830-850, if Nifty sustains above 12850 levels than next resistance 12890-12920 and next resistance at 13K levels. Closing or sustaining above 13K mark would see further uptrend till 13200 levels, says Nilesh Karani, vice president, Research, Magnum Equity Broking.

On the down side, immediate support for Nifty 12680-12700 levels, Karan said, and next resistance 12560-12590 levels and next 12490-12510 levels. However, 12400 mark is very important level as it was previous high if breaks and sustains below may see some deeper correction till 12100 levels.