India's stock market is making a strong comeback | Shrey Jayne, founder and CEO of SAS Online

The Indian stock market made a strong comeback, with SENSEX rising 1,000 points to break through the 81,000 mark, and NIFTY approaching 24,800. The driving force behind this rise was impressive first-quarter financial results. All sector indices were heavily bought, and the automobile index and IT index hit record highs. The mid-cap index also recorded a 2% rise.

Nifty has broken through the 24,600 resistance and is approaching an all-time high of 24,850. The 24,500 level is expected to be a new support for Nifty.

Going forward, the market will maintain an upward momentum, and movements for each stock affected by performance are expected to influence intraday movements. Overall, a “buy on a downside” strategy is preferable in the current market scenario.