Nifty 50 Crosses 20,000 Mark, Comes Back With A Bang After Two Months! Details

nifty 50 crosses 20,000 mark, comes back with a bang after two months! details

One of India’s benchmark indices, Nifty 50, crossed the 20,000 point mark on Wednesday. It touched a high of 20,008.63 on November 29. The index had been hovering below the mark for at least 2 months now. As many as 46 stocks that comprise the weighted index advanced, taking a stride into the green. In early trade, the index managed to stay above the crucial mark, although making small dips every now and then.

Tech stocks like Tech Mahindra, Wipro, LTIMindtree, and HCL Tech led the rally when the market opened.

Ahead of the market opening, Deven Mehata, a Research Analyst at Choice Broking had pointed out potential resistance levels for Nifty on the higher side. He had pegged 20,000 as potentially an immediate resistance level, “followed by 20,100 and 20,150,” adding that “with the global positive markets and decreasing US bond yield will help Indian markets to move higher.” He advised investors to hold long positions with trailing stop loss, further suggesting that traders can use the buy on dips strategy.