The benchmark index Sensex ended 318.05 points or 0.58 per cent higher at its all-time peak of 54,843.98. The broader NSE Nifty advanced 82.15 points or 0.26 per cent to record 16,325.15. PowerGrid was the top gainer in the Sensex pack, rallying over 6 per cent, followed by Tech Mahindra, HCL Tech, Titan, L&T, NTPC and ICICI Bank. Except pharma, all major sectoral indices are trading in the green with IT, power, PSU bank and capital goods indices rising a percent each.
"The Nifty gave a positive closing today. It closed up by 80 points since yesterday's close at 16,360 after making a new all-time high. However, volumes in Nifty were much lesser than expected. 16,400 and 16,450 will act as the next resistance levels for Nifty while 16,280 and 16,250 will act as supports, said Gaurav Udani, CEO & Founder, ThincRedBlu Securities.
Passenger vehicle wholesales data in India increased by 45 percent to 2,64,442 units in July against 1,82,779 units in the same month last year. Mohit Nigam, Head-PMS, Hem Securities, said, "Indian Railway Catering & Tourism Corp (IRCTC) share price touched a 52-week high of Rs 2,727.95, rising 6 percent on August 12 after the company announced stock split and better numbers for the quarter ended June 2021. On the technical front, immediate support and resistance for Nifty 50 is 16,100 and 16,400 respectively."
Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities Ltd, said, "Technically, on daily charts, the index has formed a range breakout formation which suggests continuation of an uptrend wave in the near future. We are of the view that 16,280/16,220 would be a key support level for trend following traders. Above the same the range breakout formation is likely to continue up to 16,400/16,475 levels."
On the technical front, the index has been trading in a Higher High, Higher Low pattern and given a breakout of the previous high which suggests upside movement will continue in the upcoming session, said Palak Kothari, Research Associate, Choice Broking. "The Index has been trading above all the moving averages as well as MACD & RSI are also showing positive crossover on daily time frame which further adds strength in the index. At present, the nifty index has immediate resistance at 16,360 levels while downside support shifted up to 16,400 levels," Kothari said.
Asian stocks were largely mixed and suffered more Chinese jitters overnight after state media reported online insurance companies would come under tougher regulatory scrutiny, said Deepak Jasani, Head-Retail Research, HDFC Securities. China revealed plans to increase oversight of strategic sectors of the economy in its latest five-year plan. However Europe moved up as it looked for a 9th straight day of gains.
"Nifty broke upwards, as expected, post a 6-day range close. Advance decline ratio has turned sharply positive bringing relief to market participants. Broad market indices like Smallcap and Midcap indices have outperformed the Nifty. There could be a day or two of follow-up upmove for the Nifty (though gradual) while the broader markets continues its upward retracement."
