Nifty flirts with record highs; nearly 100 stocks hit fresh 52-week high on NSE
Names like Honeywell Auto, Maruti Suzuki, Nestle India, Tata Elxsi, Britannia Industries, Dalmia Bharat, ACC, and HDFC Bank are a part of this list.
The Nifty which started with a small gap on the upside in morning trade came within kissing distance of the record high hit on Nifty. Tracking the momentum, as much as 95 stocks hit fresh 52-weeks high on the NSE.
Stocks which rose to fresh 52-week highs include names like Honeywell Auto, Maruti Suzuki, Nestle India, Tata Elxsi, Britannia Industries, Dalmia Bharat, ACC, HDFC Bank, Asian Paints, HUL, D-Mart, Endurance Technologies, Reliance Industries, Capital First etc. among others.
The Nifty which opened at 10,099 rose to an intraday high of 10,131.95. It slipped marginally to 10,084.05. If the index manages to stay above its record highs of 10,137 in the next few sessions will open up upside for fresh targets towards 10,250 to 10300 and 10,500.
"In the coming month if Nifty trades and closes above 10006 levels then it is likely to test 10,138 to 10,270 and 10,424 levels. However, if Nifty trades and closes below 9,829 level then it can test 9,697 to 9,565 and 9,411 levels," Arpit Jain, AVP at Arihant Capital Markets told Moneycontrol.
"Broadly, we are of the opinion that for the current month as long as Nifty holds 9,680 on the daily closing basis there is a high probability that Nifty may test the 10,300 to 10,500 in a couple of months," he said.
The S&P BSE Sensex which rose nearly 200 points but pared gains in the last 90 minutes of trade but over 170 stocks hit fresh 52-week high on the BSE.
There were plenty of stocks which posted double digit return in the small and midcap space which include names like Times Guaranty (up 19%), Amines Plastic (up 14%), Precision Wires (up 14%), SCI gained (11 percent).Other stocks which rose to their fresh 52-weeks high include names like Yuken India, ACC, Savita Oil, MTNL, Solar Industries, Manpasand Beverages, Bata India, RIL, Godrej Properties, Dewan Housing, Voltas, Gruh Finance etc. among others.