Taking Stock: Strong business in the market on the first day of the week, IT and energy stocks shine

Today there was strong trading in the market on the first day of the trading week. Sensex and Nifty have given record closings. Nifty closed above 15,750 for the first time. At the same time, the midcap reached a new peak for the fourth consecutive day. Today there was buying in IT, Energy and PSE shares. FMCG, Auto, Sugar stocks also rose. However, metal, realty and pharma stocks remained under pressure.

Nifty climbed 81 points to close at 15,751. The Sensex climbed 228 points to end at 52,328. Midcap climbed 330 points to close at 26,881.
Nifty Bank climbed 152 points to close at 35,444. 34 out of 50 Nifty stocks were up. 22 out of 30 Sensex stocks were up. 8 out of 12 stocks of Nifty Bank were up.

Manish Hathiramani of Deen Dayal Investment says that Nifty seems to be moving towards 16000. For this, good support is visible at the level of 15,500-15,600. The trend will remain positive till Nifty breaks this level on the downside on closing basis. Investors should buy for higher targets.

In today’s trade, except metal and pharma, all sectoral indices closed in the green. In today’s trade, the BSE Mid and Smallcap index saw a rise of 0.7-1.4 percent.

Adani Ports, Power Grid Corp, NTPC, Shree Cements and Tata Motors were the top gainers of Nifty today. On the other hand, Bajaj Finance, Bajaj Finserv, HDFC, JSW Steel and Divis Labs were the top losers. All sectoral indices, except realty, closed in the green on the BSE.

Talking about individual stocks, IRCTC, MRF and Bank of Baroda saw a rise of more than 100 percent in volume. Long buildup was seen in IRCT, Shriram Transport Finance and Bata India. At the same time, short buildup was seen in MRF, NMDC and Bajaj Finserv.

There were more than 550 such stocks on BSE today, in which a new 52 week high was seen. These include the names of Wipro, Titan Company and ONGC.

technical view

Chandan Tapdia of Motilal Oswal says that Nifty has formed a small bullish candle on the daily scale and continues to make higher highs, higher lows for the third consecutive trading session. Nifty has to stay above 15700 to move towards 16000. For this, support is visible in the zone of 15550-15431 on the downside.

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