Indian market hit record high levels in intraday trading on September 2. Nifty rose to as much as 17,245.50, while Sensex rose more than 500 points.
At close, the Sensex was up 514.33 points or 0.90% at 57,852.54, and the Nifty was up 157.90 points or 0.92% at 17,234.20.
"Bulls took complete control today as indices rose by almost a percentage to hit record highs on the back of IT, Cement & FMCG biggies. The broader markets were buzzing as the formalisation of the economy is enabling organised branded players to gain share," said S Ranganathan, Head of Research at LKP securities.
"High-Frequency indicators are pointing towards an uptick in rail freight, consumer durables and appliances ahead of the festive season," he added.
Shree Cements, HDFC Life, Cipla, TCS and HUL were the top Nifty gainers. M&M, Coal India, Bajaj Auto, ONGC and Divis Labs were among the top losers.
The broader market performed in line with benchmarks, as BSE midcap and smallcap indices gained over 0.5 percent each.
Except for auto and PSU Banks, all other sectoral indices ended in the green with Nifty IT and FMCG indices up 1 percent each.
Stocks & sectors
On the BSE, IT, FMCG and Realty indices rose 1 percent each.
Among individual stocks, a volume spike of more than 300 percent was seen in Dixon Technologies, Aditya Birla Fashion and Canara Bank.
Long buildup was seen in Dixon Technologies, Indian Energy Exchange and Indiamart Intermesh, while short buildup was seen in Ipca Laboratories, Coforge and Escorts.
More than 200 stocks, including TCS, Marico, Mindtree, Dabur India hit a 52-week high on the BSE.
Technical View
Nifty formed a bullish candle and continues forming higher highs - higher lows from the last four trading sessions.
"It has to continue to hold above 17,150 zones to extend the move towards 17,400 and 17,500 zones, while on the downside support is seen at 17,050 and 16,900 levels," said Chandan Taparia, Vice President | Analyst-Derivatives, Motilal Oswal Financial Services.
Outlook for September 3
Ashis Biswas, Head of Technical Research at CapitalVia Global Research:
The market witnessed the continuation of a positive trend, after sustaining above 17100. If the market sustains above 17200-17250, it is expected to gain momentum, leading to an upside projection till 17400-17450.
Rohit Singre, Senior Technical Analyst at LKP Securities
Nifty again showed positive move and closed the day at 17233 with gains of nearly one percent forming a bullish candle on the daily chart. The index has shifted its support to 17,175-17,050 zone and if it manages to hold above the said levels, we may see more northward movement in coming sessions.
Also dips around said levels will be again fresh buying opportunity. On the other side, if the index fails to hold the said levels, we may see good profit booking. Still make or break level is at 17k mark. On the higher side, strong hurdle is coming near 17300-17350 zone.
Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities:
Markets were back in action after yesterday's small correction and benchmark Nifty found support near 17050 level. After a muted opening the index successfully cleared the intraday resistance of 17150 and is comfortably trading above the same which is largely positive.
The intraday rally indicates further uptrend from the current levels but the market has formed a double top kind of formation. For the trend following traders, 17150 would be the key support level, and above the same the uptrend structure could continue up to 17300-17350 levels. On the flip side, if the Nifty slips below 17150, it may trigger a quick intraday correction till 17100-17075 levels.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.Taking Stock: Indices hit record high again; IT, FMCG stocks take spotlight - Moneycontrol.com
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