Will Sensex correct after scaling
60,000? What tech charts are
Will Sensex correct after scaling 60,000? What tech charts are suggesting on Business Standard. India's
benchmark indices have scaled fresh lifetime highs, defying a weak global mood. Does that mean a market
correction is on the cards? And, should you really be worried? Let's find out.
Market News The 30-pack BSE Sensex claimed the historic 60,000
mark last Friday and marched ahead to hit a record high level of 60,333.
Its NSE counterpart, the Nifty50, also touched a new all-time high of
Going forward, while expensive valuations, a cautious global mood
amid the Evergrande crisis, and a possibility of a third Covid wave may
trigger mild profit booking in days ahead, most analysts remain
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According to Business Standard's Avdhut Bagkar: Markets trading with
a strong bullish bias, Sensex may hit 61,250 this week, Support placed
at 59,500, Nifty50 may claim 18,100; support at 17,750.
Motilal Oswal Financial Services MD & CEO Motilal Oswal said, "The
rally in domestic market is driven by positive global cues, strong
inflows by FIIs/DIIs, good corporate earnings, falling Covid-19
News Source : BS / Business Standard