Nifty makes history, hits record high! Nearly 100 NSE stocks hit fresh 52-week highs

The Nifty50 which opened with a gap on higher side hit a fresh record high of 10,167.15 in morning trade on Monday. Tracking the momentum, over 90 stocks on the NSE hit fresh 52-week highs.

As much as 93 stocks on the NSE hit fresh 52-week highs which include names like Page Industries, Honeywell Auto, Britannia Industries, Bajaj Auto, Dixon Technologies, HDFC Bank, L&T, Bata India, TVS Motors, JBM Auto, HEG, and Gillette India among others.

The index was hovering in a narrow range for the past 4 trading sessions but it has good tremendous support on declines near its 5-days exponential moving average (DEMA).

Tracking positive global cues, Indian market witnessed a breakout last week when it broke above 10,100 level but it started consolidating in a narrow range soon after that.

It looks like bulls were awaiting fresh signals but uncertainty around the global front was not something which was giving enough conviction to bulls to take charge of D-Street, suggest experts.

The chances of a breakout were much higher than a breakdown. If the index closes above 10,137 then the rally could stretch towards 10,200 levels.

“The Nifty has been making Spinning Tops from last three consecutive sessions which indicates a tough fight between bulls and bears near to its lifetime high zones,” Chandan Taparia, Derivatives and Technical Analyst at Motilal Oswal Securities told Moneycontrol.

“Trend of the market is intact to positive but if it sustains below 10,050 then only a profit booking could be seen towards 10,000-9,980 zones while on the upside a decisive move above 10,138 could commence the next leg of the rally towards 10200 and higher levels,” he said.

Tracking the momentum, as much as 134 stocks hit a fresh 52-week high on the BSE, which include names like APL Pollo Tube, HUL, HEG, Solar Industries, TVS Motor, Vaibhav Global, Gruh Finance, Dewan Housing, etc. among others.

Both Sensex and the Nifty50 have risen over 20 percent so far in the year 2017 but a similar outperformance looks unlikely from the indices in the second half of the calendar year 2017.

On the options front, maximum Put OI was seen at strike prices 9,900 followed by 10,000 while maximum Call OI was seen at strike prices 10,200 followed by 10,100. Fresh Put writing was seen at strike prices 9,900 while Call writing was seen at 10,100 and 10,200.