Momentum traders likely to stay long amid bullish trend in markets

There is strong support for Sensex at 58,000-59,000 and Nifty at 17,000-17,300

The Sensex and the Nifty hit new highs, with the 30-share index crossing the 60,000-mark and the latter moving past 17,900. The major indices have returned over 60 per cent in the past 12 months. In the past month, both Sensex and Nifty have returned 7.3 per cent each. Their returns are almost the same in the calendar year, with the Nifty (27.4 per cent) just pipping the Sensex (25.5 per cent).
 
All investor classes — FPIs, domestic investors and retail investors — have contributed with net buying. FPIs have net equity purchases of Rs 64,655 crore since January