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Continuing its daily rising trend, the stock moved towards its highest level of Jan 2020 (Rs 491.70). The key technical indicators are positively poised on long-term as well as medium-term timeframe charts.

Federal Reserve Bank of New York President John Williams said on Monday that while there have been nascent signs of cooling inflation, underlying price pressures remain too high, which means the U.S. central bank must press forward to get inflation under control.

“When the Nifty was close to 15,200 in May, even then we talked about how we will see a new high in the current financial year and as early as the current calendar year. I still maintain that because the current narrative which is getting built is turning out to be extraordinarily cautious.”

“The hotel sector is in the middle of a very strong demand environment. Usually, the second quarter tends to be a weaker quarter for travel companies, especially hotels but this time around, Q2 has been very strong and going into the seasonally strong Q3 and H2, Indian Hotels or probably the entire hotel industry will report numbers which will probably be the strongest they have ever reported in the last decade.”

Bharti Airtel stock is holding firm at a record high. We expect the prevailing trend to continue post the consolidation range.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "In the last eight out of ten years Sensex has given positive returns in October. Also, markets have a record of troughing out in October. This may happen this October too."

Data also shows that the current share prices of at least 28 stocks were trading below the offer price with losses going up to 55%. The Rs 8.5 crore IPO of Silver Pearl Hospitality has been the worst performer, followed by Global Longlife Hospital, Fone4 Communications and Bhatia Colour Chem.

"We are quite cautious on the IT pack and more so from the performance side, we are cautious because according to our internal models, their valuations are far away from their mean valuations and we expect the trend to continue and barring for HCL Tech, most of the largecap names have still to play catch up in terms of giving away some of the over valuation that has happened."

Although, since November 2021, the stock largely moved in a range where Rs 780 acted as a stiff resistance while levels above Rs 600 acted as strong support. The stock recently gave a breakout from this range last week to hit a fresh record high of Rs 815.

The Nifty Realty index was trading 1.47 per cent up at 424.9.