D-Street Buzz: 190 stocks hit new 52-week high on BSE; Bajaj twins, Avenue Supermarts, Jubilant Food top gainers
The Indian stock market after negotiating in the green in the first half of the session on August 18 erased the profits. Sensex was reduced 160.88 points or 0.29% to 55631.39, and the ingenious falling 47.20 points or 0.28% at 16567.40 at the time of writing this copy.
Banks together with the metal and real estate sectors are under pressure, which reduces the medium percent each, on the other hand, the PSU banks and the pharmaceutical actions managed to trade in the green.
Among the individual names, Ultarech cement, Eicheres engines, Bajaj Finance and Bajaj Finserv added more than 2 percent, while Icici Bank, Kotak Mahindra Bank, HDFC and Maruti Suzuki dragged more.
Manish Hathiramani, trade proprietary index and technical analyst, Deen Dayal Investments feels that with ingenious compensation above the resistance level of 16,600, this should allow the index to achieve its next goal of 16,800-16,850. A good support is at 16,400 and, therefore, any immersion can be used to accumulate long positions.
As the market remains volatile but marketed above the resistance level of 16,600, more than 180 stocks have reached new 52 weeks high at BSE, including names like United Spirits, Aster DM Healthcare, MINDTREE, Dr. Lal Pathlabs, Jubilan Foodworks, Fortis Healthcare, Bajaj Finserv, Irtech, Bajaj Finance, L & T Infotech, Havells India, Tata Consumer, Avenue Supermarts and Nestle India, among others.
“Sensex continues his journey to the north with new top every day during the last five commercial sessions supported by tickets in Great Cap shares, especially names,” Santosh Meena, Chief Research, Swastika Investmart Ltd, said.
“The month of August is large tapas after 3 months of lower performance where Sensex is likely to try 57,000 brands, while 55800-56000 is the intermediate resistance area,” he said.
According to Naveen Kulkarni, Director of Investment at Axis Securities, the broader market is expected to be done well, so any immersion should be used to build quality stock positions where the visibility of the profits and resistance to the balance sheet is very high.
