Bulls further tightened their grip on Dalal Street on August 19 as the Indian equity indices extended the gains on fourth straight sessions with Nifty managing to cross 25,000 level, led by buying in heavyweight stocks and broad-based buying, barring pharma. However, the index failed to hold onto 25,000 level amid profit booking at higher levels.
At close, the Sensex was up 370.64 points or 0.46 percent at 81,644.39, and the Nifty was up 103.70 points or 0.42 percent at 24,980.65. The BSE midcap and smallcap indices rose 1 percent each.
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Biggest Nifty gainers included Tata Motors, Adani Ports, Reliance Industries, Hero MotoCorp, Bajaj Auto, while losers were Dr Reddy's Laboratories, Cipla, Hindalco Industries, Bajaj Finserv, M&M.
Among sectors, except pharma, all other sectoral indices ended in the green with telecom, FMCG, media, auto, oil & gas up 1% each.
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In stock-specific action, Inox Wind shares gained 3% on Rs 175-crore stake sale in EPC subsidiary, Sarda Energy rose 2% on emerging as successful bidder for Senduri coal mine, Sandhar Technologies share price jumped nearly 5% to acquire 4.51% stake in SPV, Vedanta shares added nearly 3% as board to consider second interim dividend.
All Time Plastics shares gained 5% after Manish Chokhani's son picked 0.53% stake in the company, Reliance Infrastructure share price added 5% on letter of award from NHPC, Reliance Industries shares rose nearly 3% as arm forays into healthy functional beverages, Reliance Power share price surged 5% on incorporating JV in Bhutan, Engineers India shares added nearly 3% after agreement with ONGC to implement helium recovery demonstration plant at Tamil Nadu.
Nearly 140 stocks touched their 52-week highs on the BSE, including Hyundai Motor, LT Finance, Paytm, HBL Engineering, Nuvoco Vistas, Aditya Birla Capital, Sai Life Sciences,, TVS Motor, Maruti Suzuki, CCL Products, Ashok Leyland, Max Financial, HDFC AMC, Indian Bank, JSW Steel, Maharashtra Scooters, among others. Click to View More
Outlook for August 20
Rupak De, Senior Technical Analyst at LKP Securities
The Nifty remained in strength following a positive start. On the higher end, it reached 25000 where it found an initial level of resistance. The RSI indicator is in a classic bullish crossover, indicating strong positive momentum. Going forward, the index might remain strong; the strength increases above 25000. On the lower end, support is placed at 24800. Positive sentiment remains intact as long as it remains above.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities
After witnessing a sharp upside breakout on Monday, Nifty continued with follow-through upmove amidst range bound action on Tuesday and closed the day higher by 103 points. After opening with a positive note, the market moved up further in the early to mid-part of the session. However, the psychological hurdle of 25K mark was not taken out and Nifty finally closed below the said mark.
A reasonable positive candle was formed on the daily chart with minor upper shadow that placed beside the red candle of Monday. This market action signals a range bound action below the hurdle of 25000 levels.
The sharp opening upside gap of Monday remains intact two sessions after its formation. This gap could now be considered as a bullish breakaway gap, which is normally formed at the important bottom reversal. Hence, one may expect Nifty to move up further in the short term and could reach to the upside target of 25300 in the near term. Immediate support is placed at 24850.
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