D-Street Buzz: Over 450 stocks touch 52-week high on BSE, NGC, Asian Paints down 2%

After touching a new record high, the market continues to rise steadily. At the end of trading, the Sensex closed at 52,773.05 with a gain of 221.52 points, or 0.42 per cent, today. On the other hand, Nifty closed at 15,869.25 with a gain of 57.40 points or 0.36 percent.

Realty, oil & gas and IT stocks saw a rise in today’s trading. DLF and Godrej Properties shine in real estate. On the other hand, ONGC showed enthusiasm in the oil and gas space.

Giants like Reliance Industries also saw an increase of about 0.5 percent today. On the other hand, GAIL and IOC also saw good growth.

If we look at the real estate itself, Mahindra Lifespace and Sobha today ran up to 2-3 percent in intraday. At the same time, Oberoi Realty also saw an increase of up to 0.5 percent.

Bank Nifty also rose around 0.8 per cent today. Private banks played an important role in this. Bandhan Bank and RBL Bank saw an increase of 2 percent today. While IndusInd Bank, IDFC First Bank, ICICI Bank, Axis Bank and HDFC Bank were the second gainers in the banking sector.

Manish Hathiramani of Deen Dayal Investments It says that the bullish trend is continuing in Nifty and it is now showing us going towards 15900-16000. After several trading sessions, Nifty seems to be responding to the support level of 15700-15750.

He further said that till the Nifty does not break this level on closing basis, we will see bullish momentum going forward. The best way to capitalize on this trend is to create long positions on any downside.

With the continuous new high of the market, there were 462 such stocks in today’s trade which have made their new high of 52 weeks on BSE. These include the names of RAIN Industries, IRB Infra, Indiabulls Housing Finance, Avenue Supermarts, Marico, Asian Paints, ONGC, Godrej Consumer and Tech Mahindra.

ICICI Securities It says that positive momentum will remain in Nifty and it will gradually see us moving towards 16100. In such a situation, we should adopt a strategy of investing in quality stocks belonging to the large and midcap sector in case of any slight downturn. There is strong support for Nifty around 15500 and eventually it will see us moving towards 16100.

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