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Nifty50 hits 16000! 29 stocks gave multibagger returns in NSE 500 since February

Experts see strong upside in the short-term if the index manages to close above 16,000 levels

August 03, 2021 / 02:05 PM IST

Nifty50 surpassed Mount 16K for the first time on August 3 which translates into an upside of over 14 percent so far in 2021. The index completed its 1000-point journey in about 6 months.

Nifty50 hit 15000 for the first time on February 5 and since then has tried to surpass 16000 multiple times since June, failing each time. The index faced a strong resistance near 15900-16000, but it managed to surpass the levels on an intraday basis on Tuesday.

During Nifty's 1000-point journey, as many as 29 stocks from the Nifty 500 space rose over 100 percent. These include names like JSW Energy, Shree Renuka, Praj Industries, Lux Industries, Adani Total Gas, CDSL, KPIT Technologies, and SAIL, among others.

29 stocks 0308_001

Nifty50 is trading above crucial short and long-term moving averages which suggest that the momentum is intact, and we could see higher levels for the index post the breakout above 16000.


For the past two months, Nifty has been consolidating within a very tight range of 15450-15950. The index is now approaching the breakout of this range.

“Technical indicators on the daily time frame are starting to show bullishness, with MACD line crossing above its signal line for the first time since mid-June. Also, the RSI line has started to exhibit bullishness, and Bollinger Bands are widening,” Abhishek Chinchalkar, CMT and Head of Education, FYERS, said.

“Given how tight the range in Nifty has become over the past two months, one should keep a close eye on the price action near the psychological 16000 level,” he said.

Chinchalkar added that closing above this level is likely to resume bullishness in the index and propel it towards 16300-16400 in the next few sessions. On the downside, 15770 now becomes the immediate support to watch out for.

Sumeet Bagadia, Executive Director at Choice Broking also suggested that if the market breaks 16000 levels on a closing basis, a strong upside move can be seen till 16200-16500 levels.

“Overall, Nifty 5-months move was approx 500 points, and now there is a possibility of 500 points move in the next 5 days as after a long consolidation we have seen this breakout,” he said.

Nifty winners & laggards:

As Nifty50 completes its 1000-point journey, one Nifty stock more than doubled investors' wealth while 15 stocks rose more than 20 percent.

Tracking rally in the metal space, Tata Steel rallied 105% since February 5 while UltraTech Cements, Asian Paints, Tech Mahindra Wipro, UPL, Hindalco, and JSW Steel rallied 20-80% in the same period.

On the sectoral front – the Nifty Metal index rose 67 percent, followed by Nifty Realty (up 22 percent), Nifty PSE (up 21 percent), Nifty IT (up 21 percent), and Nifty 500 which was up over 12 percent.

Laggards on the sectoral front were Nifty Bank, Nifty Private Bank, Nifty Auto as well as Nifty Financial Services.

On the broader markets front – the Nifty Midcap 100 rose 26 percent, and the Nifty Smallcap 100 index rose 39 percent in the same period.

Disclaimer: The views and investment tips expressed by experts on are their own and not those of the website or its management. advises users to check with certified experts before taking any investment decisions.
Kshitij Anand is the Editor Markets at Moneycontrol.

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