Taking Stock: Sensex-Nifty record closing, how will the market move ahead?

Today i.e. on 7th July, the market managed to remain closed with gains amid volatility. Today was the name of metal and financial stocks. At the end of trading, the Sensex closed at 53,054.76 for the first time with a gain of 193.58 points or 0.37 per cent. On the other hand, Nifty closed at 15,879.65 with a gain of 61.40 points or 0.39 per cent.

The benchmark index closed at a record low. Sensex managed to close above 53,000.

Manish Hathiramani of Deen Dayal Investments Says that the market should be successful in closing the green mark today but Nifty once again failed to cross 15900 on closing basis. If Nifty is able to do this then we will see a move towards 16100. There is good support for Nifty at 15400. As long as it stays above it, the market will remain in a bullish trend. In this situation, in any downtrend, one should buy good stocks.

BSE Midcap and Smallcap also closed in the green today. Tata Steel, JSW Steel, Bajaj Finserv, Hindalco and UPL were the top gainers on Nifty. While Titan Company, ONGC, Maruti Suzuki, SBI Life Insurance and Shree Cements were the top losers.

If we look at the BSE, Realty and Metal indices have seen a rise of 2 per cent while auto and oil & gas stocks were under selling pressure.

Looking at the individual stocks, Berger Paints, Indian Hotels and BHEL saw over 200 per cent growth in volumes.

Long buildup was seen in ndian Hotels, Bharat Forge and Berger Paints. On the other hand, Tata Motors, Titan and Coromandel International saw short buildup.

More than 400 stocks hit a 52-week high on the BSE today, including the names of Gland Pharma, NALCO, Subex, SRF and Nitin Fire Protection Industries.

technical view

Chandan Tapadiya of Motilal Oswal says that Nifty has formed a Bullish Candle with Long Lower Shadow on Daily Scale today which is an indication that buying is taking place on every fall. He further said that if Nifty has to move towards 16,000-16,200 then it has to stay above 15800. On the downside, support is visible for Nifty in the zone of 15,700-15,600.

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