Sensex briefly crosses 70,000, Nifty hits record high

At 9:48 am, the Sensex was up 75.12 points at 69,900.72, while the Nifty 50 was up marginally by 52 points to trade around at 21,000 

Benchmark stock market indices opened weaker on Monday with marginal gains after registering their longest winning streak in three years.

All the broader market indices also opened in positive territory in early trade.

Most of the major sectoral indices were trading with decent gains, with Nifty PSU Bank up nearly 1.5 per cent. Media, FMCG, IT and realty stocks also gained within the first hour of trade.

The top five gainers on the Nifty 50 were ONGC, Coal India, IndusInd Bank, UPL and Ultratech Cement. On the other hand, the top losers were Dr Reddy’s, Asian Paints, JSW Steel, Cipla and Wipro.

Ahead of today’s market opening, Some research analysts at Choice Broking, predicted a slow start in the wake of weaker trends.

According to the charts, Nifty may be taking support at 20,900, followed by 20,850 and 20,800. On the higher side, 21,050 can be an immediate resistance, followed by 21,150 and 21,200.

However, one positive factor is the fact that foreign institutional investors (FIIs) net bought shares worth Rs 3,632.30 crore, while domestic institutional investors (DIIs) sold Rs 434.02 crore worth of stocks on December 8.

After the RBI’s monetary policy on Friday, domestic markets closed at all-time high levels. The banking sector has performed well post-policy and we expect this momentum to continue on higher side,

Traders can place a strategy of buying on dips at the initial support of the market near to 20,850-20,900 with a stop loss of 20,700 levels. Investors holding their long position should keep trailing their stop losses for further up move.