Headline indices reached new all-time highs on Thursday as bulls continued to dominate on Dalal Street.
Headline indices reached new all-time highs on Thursday as bulls continued to dominate Dalal Street. Sensex reached a record high of 54,717 but slipped during the dying hours to close at 54,492. Nifty touched 16,349 during the day and settled at 16,294 on the closing bell. Bharti Airtel jumped 3.97% to end as the top Sensex gainer, followed by ITC, Tech Mahindra, and Tata Steel. SBI, IndusInd Bank, ICICI Bank, and Bajaj Finance were the top laggards on Sensex. India VIX fell 2.57%. Bank Nifty fell 0.54% and closed at 35,834. Broader markets closed mixed as smallcap indices ended in the red.
Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities –
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“Benchmark indices maintained their strong momentum, as both Nifty/Sensex registered fresh all-time highs of 16349.45/ 54717.24, respectively. After a sharp sideways movement intra-day, indices trimmed some gains in the last hour of trade. Technically, the larger texture of the market is positive and is likely to continue in the medium term. However, some profit booking at higher levels is not ruled out near 16350-16375 resistance levels. Trade setup suggests that the ideal strategy would be to add long positions near crucial supports. For the swing traders, 16200 and 16160 would be the key support level to watch out for, and below the same the index would be vulnerable at 16160 levels.”
Deepak Jasani, Head of Retail Research, HDFC Securities –
“Indian benchmark indices closed mildly higher on Aug 05 for the third consecutive day amidst mixed global cues and profit taking in broader markets. Nifty made a classic doji after a rise on Aug 05, suggesting indecision at higher levels. Either one or two up gaps made in the course of the journey from 15885 may come in for filling over the next few sessions. The advance-decline ratio was very bad in the morning session but improved a bit towards the end to look better than the previous day, though very much in the negative. 16176-16349 could be the trading band for the Nifty in the next 1-2 sessions.”
Vinod Nair, Head of Research at Geojit Financial Services-
“Despite witnessing consolidation in the opening session, large caps managed to continue trading at record high levels with the support from IT, Metal and FMCG stocks. Banking stocks continued to be under pressure ahead of the RBI’s policy announcement. Importantly, the broad market has started to underperform. Investors should be cautious in the short-term regarding the performance of mid & small caps after the thrilling rally during the year.”
Rohit Singre, Senior Technical Analyst at LKP Securities –
“Index managed to close a day on a positive note at 16295 with minimal gains and formed dragonfly Doji candle pattern on the daily chart which represents indecision in the markets. Going forward 16300 will be very quick resistance if managed to sustain above 16300 zone we may see the index to march towards 16400 zone quickly but if fails to manage then some profit booking may be seen towards 16200-16100 zone which are immediate supports on downside & overall support is placed at 16k mark nay dip near 16k mark will be good buying opportunity.”
Palak Kothari, Research Associate, Choice Broking –
“Overall, the index is trading above Upper Bollinger Band & Ichimoku Cloud formation, which suggests a long upward move in the counter. A momentum indicator RSI & MACD is showing positive strength & Stochastic is also trading higher with positive crossover on the daily chart, which indicates a further bullish move. At present, the Nifty50 support shifted up to 16100 levels while resistance may come around 16400 levels.”
Jay Thakkar, VP and Head of Equity Research, Marwadi Shares and Finance –
“Nifty closed in the positive territory whereas the Banknifty closed in the negative territory hence it was a mixed trading session. The base for the nifty has now been shifted to 16200 levels whereas 35500 is the new base for the Banknifty in the short term. On the upside the short term target for the Nifty is 16450 levels whereas 36100 is an immediate resistance for the Banknifty which when taken off will take it to 36500-36800 levels. The Nifty Metal Index has closed in the positive territory after almost 4 days of consolidation indicating a new life time high will be seen soon, so we recommend to focus on Metal stocks for the short term.”