Stock indices moved up to close at record high on Monday ending the financial year on an optimistic note, on the eve of monetary policy announcement by the Reserve Bank of India on Tuesday, even though participants are not expecting any rate cut in the present economic scenario.
The Bombay Stock Exchange (BSE) 30-share Sensitive Index (Sensex) was up by 46.30 points to close at 22386.27.
The 50-share Nifty of National Stock Exchange (NSE) closed at 6704.20 with a gain of 8.30 points.
“The Nifty has broken all barriers and closed above an important level of 6650. It has next halt in the region of 6750/6770. Failure to pause around the same will lead to move beyond 6850levels. On the downside 6630 will act as a major support for the Nifty and below that it may fall to 6565/6470 levels,” said Shrikant Chouhan, Head of Technical Research, Kotak Securities.