The Nifty 50 index is now just 290 points away from an all-time high of 18,888 after extending the positive start to the June series by gaining for the third day in a row on Monday. The index did reclaim the mark of 18,600 but failed to hold on to it in the final 30 minutes after staying above it for most parts of the day. The close of 18,598 is the highest in five months for the Nifty 50.
With Monday's gain, the Nifty 50 index has now gained in six out of the last seven trading sessions, It has now added 1,770 points in just over two months from the March 20 low of 16,828. The index did see profit booking at higher levels, as CNBC-Awaaz managing editor Anuj Singhal mentioned on Monday morning that booking profits would be prudent and that there is no point in chasing the last 100-150 points move.
Gaurav Bissa of InCred Equities believes that while the overall trend of the Nifty 50 remains strong, there can be some small amount of profit booking, courtesy the bearish harmonic deep crab pattern that has formed on the Nifty 50's hourly chart. Based on the options data, Bissa suggests 18,500 to be a strong support for the index.
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