Moneycontrol PRO

D-Street Buzz: Over 450 stocks hit 52-week high on BSE; ONGC, Asian Paints up 2% each

ICICI Securities expects Nifty to continue its positive momentum and gradually head towards 16100 levels.

June 15, 2021 / 12:53 PM IST
.S. Labor Department data also showed the lowest level of new claims for unemployment benefits in nearly 15 months last week.

.S. Labor Department data also showed the lowest level of new claims for unemployment benefits in nearly 15 months last week.

The Indian stock market continues trading in the green after hitting fresh record highs. Sensex is up 284.93 points or 0.54% at 52836.46, and the Nifty is up 79 points or 0.50% at 15890.90, at the time of writing this report.

The index pushed higher amid gains in realty, oil & gas and IT stocks. Among the real estate names, DLF and Godrej Properties added over a percent each, while ONGC was the top gainer from the oil & gas space.

Heavyweight Reliance Industries added half a percent while GAIL India and Indian Oil Corporation were the other gainers.

Among the real estate names, Mahindra Lifespace and Sobha added 2-3 percent each, while Oberoi Realty added half a percent intraday on June 15.

Bank Nifty was up over half a percent led by gains mainly from private banks. Bandhan Bank and RBL Bank were up 2 percent each followed by IndusInd Bank, IDFC First Bank, ICICI Bank, Axis Bank and HDFC Bank among others.

Close

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments is of the veiw that Nifty continues its bullish trajectory and seems headed to 15900-16000. Despite multiple sessions of nervousness, it has been successful in respecting the 15700-15750 levels of support.

"As long as we do not break that on a closing basis, this trend is here to stay. The best way to ride this trend will be to accumulate long positions on dips. That would be the most prudent way of being a part of the larger trend," he said.

As the market continues to scale new highs, 462 stocks hit a new 52-week high on BSE today. These include RAIN Industries, IRB Infra, Indiabulls Housing Finance, Avenue Supermarts, Marico, Asian Paints, ONGC, Godrej Consumer and Tech Mahindra among others.

Research and broking firm ICICI Securities expects Nifty to continue its positive momentum and gradually head towards 16100 levels.

"Temporary breather should be utilised to accumulate quality large cap and midcaps as we expect the index to form a higher base at key support around 15500 levels and eventually head towards 16100," it added.

Disclosure: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Sandip Das
first published: Jun 15, 2021 12:53 pm

stay updated

Get Daily News on your Browser
Sections
ISO 27001 - BSI Assurance Mark