Nifty hits 2-month high: Can bulls surge past 24,000 next?
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓The Nifty hit a two-month high on Tuesday, November 3, closing at 23,810.85 points.
- ✓The rally got support from optimism around a potential review of capital gains tax.
- ✓Siddhartha Khemka said, “The rally was supported by easing crude prices, continued foreign fund inflows and optimism around a potential review of LTCG.”
Story at a Glance
- Category
- MARKET
- Reported By
- Financial Express
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
The rally was also supported by optimism around a potential review of the long-term capital gains tax (LTCG) for foreign investors, after Union Finance Minister Nirmala Sitharaman, speaking at the FE leadership award, acknowledged growing anxiety among retail investors and equity market participants.
On Tuesday, the benchmark indices extended sharp gains for a second straight session, with the Sensex closing 1,225.07 points higher, or 1.6%, at 76,917.85 points. The Nifty ended 370.05 points higher, or 1.6%, at 23,810.85 points.
Sensex, Nifty: Key levels to watch
The key support levels for Nifty are now 23,650 and 23,600 and 76,500 and 76,300 for Sensex, according to Shrikant Chouhan, Head Equity Research at Kotak Neo. As long as the market trades above these levels, the bullish sentiment is likely to continue.
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