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Taking Stock | Nifty ends at record closing high led by IT, energy stocks; smallcaps outperform

Experts see 16,000 as the next big hurdle for Nifty, while support for the index has moved higher to 15,500-15,600 after today's session.

June 07, 2021 / 04:22 PM IST

After a muted start, benchmark indices gain momentum in the afternoon session. A rally across IT and energy stocks helped Nifty end above 15750 for the first time.

At close, the Sensex was up 228.46 points or 0.44% at 52328.51, and the Nifty was up 81.40 points or 0.52% at 15751.70.

"Nifty seems to be heading to its next target placed at 16000. It has good support at 15,500-15,600, and as long as that is not disrespected on a closing basis, the trend continues to remain bullish and traders can accumulate long positions for higher targets," Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

Except for metal and pharma indices, which closed with marginal losses, other sectoral indices ended in the green. BSE Midcap and Smallcap indices rose 0.7-1.4 percent.

Adani Ports, Power Grid Corp, NTPC, Shree Cements and Tata Motors were the top gainers, while losers included names like Bajaj Finance, Bajaj Finserv, HDFC, JSW Steel and Divis Labs.

Close

Stocks & sectors

On the BSE, except realty, all other sectoral indices ended in the green.

Among individual stocks, a volume spike of more than 100 percent was seen in IRCTC, MRF and Bank of Baroda.

Long buildup was seen in IRCT, Shriram Transport Finance and Bata India, while short buildup was seen in MRF, NMDC and Bajaj Finserv.

More than 550 stocks, including Wipro, Titan Company and ONGC, hit a fresh 52-week high on the BSE.

Technical View

Nifty formed a small bullish candle on the daily scale and continued to form 'higher highs - higher lows' for the third straight session.

"Nifty has to hold above 15700 zones to witness an up move towards fresh lifetime high of 16000 zones, while on the downside support exists at 15550 and 15431 zones," said Chandan Taparia of Motilal Oswal Financial Services.

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.
Rakesh Patil
first published: Jun 7, 2021 04:22 pm

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