Nifty Index made a fresh life-time high at 15,952.35 levels after a positive opening. The index continued its upside momentum and closed at 15,924.20 levels with a gain of 70.25 points. Bank Nifty closed at 35,907.65 levels with a gain of 239.40 points.
On the sectoral front, capital Goods and IT were the top performers for the day while auto and pharma showed profit booking. HCL Tech, L&T, Tech Mahindra, and Wipro were among the top gainers while ONGC, Eicher Motors, Coal India were among the top index laggards.
Sumeet Bagadia, Executive Director, Choice Broking, said, "On the technical chart, the Nifty has given the breakout of its previous resistance level, which suggests strength for the next day. The index has given the closing above 21*50 DMA with a positive crossover which adds further strength in the index. A momentum indicator RSI (14) has turned upward from the 50 levels and Stochastic suggested positive crossovers on the daily timeframe, which indicates further upward momentum in the counter. At present, the Nifty is having support at 15,800 level while sustaining above 15,900 level can show 16,100-16,200 levels in upcoming days."
According to Mohit Nigam, Head-PMS, Hem Securities, Thursday's (July 15) rally is majorly led by realty and IT sectors with Nifty Realty gaining 4.2 percent and Nifty IT gaining 1.29 percent. Some selling pressure is seen in select auto, PSU and pharma stocks. L&T Tech jumped around 19 percent after posting robust Q1 results, Happiest Minds gave a rally of 13 percent while HCL tech gained 5 percent today. Sobha Ltd (+19 percent) and Ibull Real Estate (+6.6 percent) were top gainers in Nifty Realty. "Nifty 50 broke an important resistance level of 15,900 today and we believe this momentum should continue. 15,600 remains a crucial support on the downside and we think markets may move towards 16,400 levels gradually after closing over 15,900 today," Nigam added.
Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities said, "Both Nifty/Sensex logged fresh lifetime highs and the development is positive as this might push the market towards 16,100/53,600 levels. Despite the weekly expiry pressure, the market remained firm even after hitting new highs. The earlier resistance of 15,900/15,870 (53,100/53,000) levels would act as major support and buying is advisable if Nifty drops to these levels. Investors should keep a final stop loss at 15,770/52,600 for the same. On the higher side, 16,000/53,400 and 16,100/53,600 levels would be the main obstacles," he said.
Deepak Jasani, Head, Retail Research, HDFC Securities, said, "The Nifty has closed at its all-time high on July 15 after making a fresh intraday high at 15,952. However, advance decline ratio has turned negative after 4 sessions of a positive number. The focus is now shifting towards the largevcaps, after being neglected for quite some time. This is apparent from the higher volumes and successive rises in the Nifty. The momentum in the market remains up. On upmoves, the Nifty could face resistance at 15,987, while 15,855 could be a support for the next session," he said.