Nifty took just 61 sessions to rise from 20,000 to 21,000! A look at its journey from 1,000
RBI) kept the repo rate unchanged at 6.5 percent as expected and raised the FY24 GDP forecast to 7 percent from 6.5 percent earlier. However, it retained the FY24 CPI inflation forecast at 5.4 percent. The Monetary Policy Committee (MPC) of the central bank also retained its stance of remaining focused on “withdrawal of accommodation." Seconds before the announcement of the RBI’s policy actions, the Nifty 50 scaled the 21,000-mark for the first time.
"n the short term, the market is likely to exhibit a range-bound behavior, with the Nifty expected to fluctuate within the 20,850-21,000 range. Key support levels for the Nifty are between 20,675 and 20,725, while resistance is anticipated in the 20,940-21,000 range. Similarly, the Bank Nifty is likely to find support in the 46,500-46,650 range, with resistance levels in the 46,925-47,000 range.
A period of consolidation around current levels is likely before the initiation of the next phase of the market rally," said Shrey Jain, Founder and CEO SAS Online. This is the fifth session in the month of December when the Nifty has hit a record high. Apart from today's policy decision, continued foreign investor inflows, strong macro data, and fall in crude oil prices as well as supporting global market trends have also lifted the index to its peak.
The index has already surged over 4 percent in December so far, giving negative returns in just 1 session of the current month so far. This comes after a 5.5 percent rise in November. Overall, in 2023 YTD, the index has gained almost 15 percent; meanwhile, in the last 1 year, it has advanced almost 13 percent.
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