Sensex rangebound but more than 100 stocks hit 52-week high; 36 stocks hit fresh life highs

The Nifty50 came close to its crucial resistance level of 10,100 but then quickly came under pressure which pushed the index back towards its 5-days exponential moving average placed at 10,0057.

The index turned choppy but as much as 68 stocks rose to fresh 52-weeks high on the NSE which include names like Honeywell Auto, Bajaj Holdings, Century Textiles, Insecticide India, Rajesh Exports, Kaveri Seeds Company, Tata Steel, Titan Company, Avadh Sugar etc. among others.

The Nifty50 index managed to hold 10,000 mark last week as it witnessed a sharp recovery from lower levels led by short covering activities in last one hour of the session on Friday.

Other technical parameters such as the RSI stands at 64 which indicates a favourable buy price coupled with uptrend momentum depicted by MACD at 108 and that is also trading above its Signal Line.

On the Moving Average Analysis, the EMA indicated an immediate support level at 9928 & 98500, while the resistance level will be tested at 10137 level.

“Nifty made a bullish candle on the daily chart and managed to recover by forming a piercing pattern. For the index to move higher, it has to hold above 10050 zone to witness an up move towards 10120-10140,” Chandan Taparia, Derivatives and Technical Analyst at Motilal Oswal Securities told Moneycontrol.

“On the downside supports are seen at 10020 then 9980 mark. India VIX fell down by 2.17% at 11.37 and lower volatility is supporting the overall bullish undertone and suggests that decline is being bought in the market,” he said.