The Indian stock market after trading in the green in the first half of the session on August 18 erased gains. Sensex was down 160.88 points or 0.29% at 55631.39, and the Nifty falling 47.20 points or 0.28% at 16567.40 at the time of writing this copy.
Banks along with the metal and realty sectors are under pressure, down half a percent each while on the other hand, PSU Banks and pharma stocks managed to trade in the green.
Among individual names, UltraTech Cement, Eicher Motors, Bajaj Finance and Bajaj Finserv added over 2 percent each while ICICI Bank, Kotak Mahindra Bank, HDFC and Maruti Suzuki dragged the most.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments feels that with Nifty trading above the resistance level of 16,600, this should allow the index to achieve it’s next target of 16,800-16,850. A good support lies at 16,400 and hence any dip can be utilized to accumulate long positions.
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As the market remains volatile but trading above the resistance level of 16,600, over 180 stocks have hit new 52-week high on BSE including names like United Spirits, Aster DM Healthcare, Mindtree, Dr Lal Pathlabs, Jubilant Foodworks, Fortis Healthcare, Bajaj Finserv, IRCTC, Bajaj Finance, L&T Infotech, Havells India, Tata Consumer, Avenue Supermarts and Nestle India among others.
“Sensex is continuing its northward journey with new highs every day for the last five trading sessions supported by inflows in large-cap stocks especially IT names,” Santosh Meena, Head of Research, Swastika Investmart Ltd, said.
“August month is all about large caps after 3 months of underperformance where Sensex is likely to test the 57000 marks while 55800-56000 is the intermediate resistance zone,” he said.
According to Naveen Kulkarni, Chief Investment Officer at Axis Securities, the broader market is expected to do well, so any dips should be utilized to build positions in quality stocks where the earnings visibility and the balance sheet strength is very high.
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