Early on D-Street | Nifty must hold 11,880 to witness up move towards 12,000

Celebrations continue on D-Street for the seventh consecutive day in a row on Monday as the S&P BSE Sensex hit a fresh record high of 40,483 while the Nifty50 closed above 11900 levels.

The final tally on D-Street – the S&P BSE Sensex rose 136 points to end at a record closing high of 40,301 while the Nifty50 closed with gains of 50 points to 11,941 on Monday.

Broader markets underperformed as the S&P BSE Mid-cap index closed flat while the S&P BSE Small-Cap index was up by 0.2 percent.

Plenty of action was seen in metals, telecom, and IT stocks while profit-taking was visible in Autos, consumer discretionary, realty, and FMCG stocks.

Given the recent surge which we have seen in markets bouts of profit-taking or consolidation cannot be ruled out. But, despite pressure at higher levels, Nifty managed to close in the green for the seventh-straight day in a row which is a positive sign. The next target level for Nifty is placed at 12,100-12,300.