More than 100 stocks hit a fresh 52-week high on November 17 on the BSE, including HDFC Life Insurance, Divis Lab and Interglobe Aviation.
Third straight day of gains amid positive global cues helped the indices to close at fresh record highs on November 17. The BSE Sensex added 314.73 points, or 0.72%, to end at 43,952.71, and the Nifty was up 93.90 points, or 0.73%, at 12,874.20.
"Nifty took a bit of a breather post opening but clawed its way back to almost the high of the day. It is really a matter of time before we see the 13000 level on the index. While a strong support lies at 12550-12600, the overall trend is bullish and the momentum is fierce. A buy on dips approach would be the best way to enter into long positions," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
Among sectors, the Nifty Bank and Nifty Metal rose 2 percent each, Nifty Auto Index added 1 percent, while Nifty Energy and Nifty Pharma indices fell 0.6 and 0.7 percent, respectively.
Broader markets outperformed the main indices with the BSE midcap gained 1 percent, while smallcap index was up 0.90 percent.
Tata Motors, Tata Steel, HDFC Life, SBI and Adani Ports were among major gainers on the Nifty, while losers were BPCL, Hero MotoCorp, NTPC, IOC and Dr Reddy's Labs.
Stocks & sectors
Sectorally, BSE Metal and Capital Goods indices rose 2 percent each, while BSE Bank and Realty indices gained nearly 2 percent each. BSE Oil & Gas slipped 1 percent.
A volume spike of more than 100 percent was seen in Jindal Steel, Cummins India and Mindtree.
Long buildup was seen in Nalco, Balkrishna Industries and MRF while short buildup was seen in Muthoot Finance, Hero MotoCorp and Torrent Pharma.
More than 100 stocks hit a fresh 52-week high today on the BSE, including HDFC Life Insurance, Divis Lab and Interglobe Aviation.
The Nifty formed a Bearish Candle on daily scale as it closed lower than opening but presence of long lower shadow indicates that any small decline is being bought.
It witnessed positive to range bound bias in second half of the session and settled the day with gains of around 100 points and continues to form higher lows from the last three sessions.
"Now it has to continue to hold above 12750 zones to witness an up move towards 13000 zones while on the downside major support exists at 12600-12550 zones," said Chandan Taparia of Motilal Oswal Financial Services told Moneycontrol.Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.