Finance
By: Shree1news, 15 JUL 2021
Sensex and Nifty closed at their all-time highs tracking gains in IT and capital goods shares amid mixed global cues. Sensex rose 255 points to close at an all-time high of 53,158. The index touched a record peak of 53,266.12 intra day. Similarly, Nifty rose 70.25 points to its all-time high of 15,924.20.
The 50 stock index touched a record intra-day peak of 15,952. BSE mid cap and small cap indices rose 71 points and 111 points, respectively.
Top Sensex gainers have been HCL Tech, L&T, Tech Mahindra, HDFC Bank, UltraTech Cement, ITC and Tata Steel rising up to 5.10%.
However, Bharti Airtel, M&M, Asian Paints, Titan and Sun Pharma have been among the laggards, falling up to 0.84%.
Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas mentioned, “Nifty posted a positive daily close for the fourth consecutive session. It recently broke out from a triangular pattern on the hourly chart & the follow through continues on the upside.
After a number of failed attempts, the index managed to cross the important barrier of 15900 on a closing basis today. Along with the price breakout, the daily momentum indicator has began a new cycle on the upside. The daily Bollinger Bands are also about to start expansion after a contraction phase. So, all these observations suggest that the Nifty is set to move towards north. It is expected to surpass the 16,000 mark & head towards 16,400.”
Taking market to record highs, BSE IT index closed 360 points higher at 30,414 and BSE capital goods index surged 474 points to 23,749.
Market breadth was positive with 1,662 shares rising against 1,576 falling on BSE. 128 shares have been unchanged.
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities mentioned, “The extended upsurge helped key indices move past the trading range on the upward boundary at 15,915/53,129. The development is positive as this might push the market towards 16,100/53,600 levels.
Despite the weekly expiry pressure, the market remained firm even after hitting new highs. The strategy must be to buy on dips. The earlier resistance of 15900/15870 (53100/53000) levels would act as major support and buying is advisable if Nifty drops to these levels. Investors should maintain a final stop loss at 15,770/52,600 for a similar. On the higher aspect, 16,000/53,400 and 16,100/53,600 levels would be the main obstacles.”
In the meantime, rupee pared some of its initial features to close 5 paise higher at 74.54 against the US dollar on Thursday amid a firm trend in domestic equities. On Wednesday, the rupee had settled at 74.59 against the US dollar.
Source:A-N
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