Despite opening on a choppy note, the 30-share index ended 145.29 points or 0.26 per cent higher at a new peak of 55,582.58. It touched a record intra-day high of 55,680.75. Similarly, the broader NSE Nifty advanced 33.95 points or 0.21 per cent to a fresh high of 16,563.05. During the day, it rose to new intra-day peak of 16,589.40.
Tata Steel was the top gainer in the Sensex pack, rallying nearly 4 per cent, followed by Bajaj Finance, M&M, Bajaj Finserv and Reliance Industries. On the other hand, Maruti, Bajaj Auto, PowerGrid ad UltraTech Cement were among the laggards
Despite weak global market conditions, Indian markets maintained the bullish momentum amid sharp intraday volatility. On daily charts, benchmark index Nifty has formed a breakout continuation formation.
Markets closed the day with slight gains of about 0.25 percent with gains from the metal stocks. Tata Steel Ltd. stayed top gainer in the Nifty50. The four new listings didn't list with the strong gains as the other listings in the past few months.
"Nifty traded in a small range today. It was up by 33 points at 16,563. Nifty has strong support in the 16,380 - 16420 range and is in a bullish trend. We will see 16,600 and 16,700 in the near future," said Gaurav Udani, CEO & Founder, ThincRedBlu Securities
According to Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities Ltd, "The texture of the chart suggests the 16,450-16,400 level would act as a key support level for the day traders. As long as the index is trading above the same, the uptrend texture is likely to continue up to 16,600-16,640 levels. In the near future, the market may consolidate near 16,600 resistance level."
The listings of Devyani, Krsnaa, Windlass ended the day with slight losses despite good investor presentations. Reliance Industries and Saudi Aramco's deal for the 20 percent stake in the Oil to Chemical business is getting further with the $25 billion investment.
According to Mohit Nigam, Head - PMS, Hem Securities, on the relief side, WPI inflation has eased for the second straight month even as the prices of manufactured products rose. Among the precious metals, gold has slipped as the global economy is recovering after the pandemic. The market is moving in the consolidation zone and any correction is a good opportunity to invest in the quality stocks. The Nifty50 is seen with the support of 16,200 and resistance of 16,700 for the near-term, Nigam added.
Deepak Jasani, Head-Retail Research, ICICI Securities said, the Nifty opened flat on August 16 and rose gradually to make an intra day high at 1450Hrs. In the process it made another all-time high and is leading the Asian markets for the day. The high low range of 109 points is the lowest in 10 days. At close, the Nifty was up 34 points or 0.21percent to 16563. This was the third consecutive rise for the Nifty. On a low volume day, metals, energy and oil and gas indices rose the most while telecom, consumer durables and auto indices fell the most.
Palak Kothari, Research Associate, Choice Broking said, "Technically, the Index has been trading higher high, higher low formation from the last few days which suggest strength for upside movement. Furthermore, the Index has been trading with a positive crossover of 21*50 HMA, which points out potential for upward direction. Momentum Indicator MACD & RSI are also showing positive crossover on daily time frames which further adds strength in the index. At present, the Nifty index has immediate resistance at 16600 levels while downside support shifted up to 16,350 levels."
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