Moneycontrol
Aug 10, 2017 02:47 PM IST | Source: Moneycontrol.com

Market continues to tank, but 32 stocks hit fresh 52-week high

Among these names include Britannia Industries, Edelweiss, National Peroxide, PC Jeweller, and Vadilal Enterprises, among others.

Market continues to tank, but 32 stocks hit fresh 52-week high

Moneycontrol News

Benchmark indices have had weak sessions in the past few days and experts believe that this is setting the ball rolling for a ‘healthy’ correction ahead.

So far in this year, the Sensex and Nifty returned 19 and 21 percent, respectively, giving stellar returns to investors who parked their funds. However, there were voices in the market that feared an overbuying in the market and foresaw an imminent correction on the D-Street.

“You can call it a transition phase…the Nifty could test the lower end of the target of 9,300,” Gautam Shah, Associate Director & Technical Analyst at JM Financial told CNBC-TV18 in an interview. He expects a correction of 5-10 percent from here as well. Until now, the correction was in pockets and going forward, this could see some sort of an expansion, he added.

Further, Shah also expects the decline to be more on a global level and India could face collateral damage because of that as well.

However, among these corrective times, there were over 30 stocks hit fresh 52-week high mark.

Among these names include Britannia Industries, Edelweiss, National Peroxide, PC Jeweller, and Vadilal Enterprises, among others.

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