A morning walk down Dalal Street |Book profit on rallies; pharma may continue to see some buying interest

Indian markets closed at a fresh record closing high on Tuesday. It remained shut on Wednesday on account of ‘Bakri Id’.

The S&P BSE Sensex hit a fresh record high of 38,402.96 while the Nifty50 rose to a fresh life high of 11,581.75 in trade on Tuesday. 

This was the 24th time when the Nifty has made a new high this calendar year and seventh in this month.

The good thing is that medium-term support are shifting higher to 11,400 zones which is a positive sign for the bulls. 

The trend continues to be positive and the initial target on the upside is at 11,640 with a potential to stretch till 11,840.

Analysts are of the view that consumption and retail will do well with both urban and rural areas fuelling future growth. 

IT and pharma may continue to see some buying interest due to a weaker rupee.