Markets gained for 8th consecutive session & closed at all time high :: HDFC Securities

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Statistics

The 30-share Sensex ended up 292 points at 29,571 and the 50-share Nifty gained 75 points to end above 8,900 for the first-time ever at 8,910. The Sensex touched its new all-time high level of 29,618.59 and Nifty reached its fresh record-high level of 8,925.05 in today?s session. In the broader market, both the BSE Midcap and Smallcap indices underperformed compared to the front-liners with gains of 0.8% and 0.5% each.  Market breadth in BSE ended negative with 1,514 declines against 1,415 advances.   NSE cash turnover was at Rs. 21451 cr.

Sectors & Stocks

BSE Bankex gained 2.3% and was the top gainer followed by BSE Capital Goods index, up 1.8% and BSE Auto index, up 1.2%. BSE IT index, down 1.6% was the top loser followed by BSE Metal index which ended down 0.6%.  Axis Bank gained around 5%, ICICI Bank gained around 4%, HDFC gained around 1.6% and HDFC Bank gained around 2.4%. SBI gained over 1%. L&T gained around 2% and BHEL ended up around 0.7%. FMCG major, ITC gained over 3%. Maruti Suzuki was up around 2%. Cipla gained around 5%, Sun Pharma and Dr Reddys Lab declined around 1% and 4% each.   Infosys declined around 3.5% and TCS ended higher by 0.2%.  Wipro declined around 0.6%. Coal India down 2.7% and HUL down 2.1%    

Way forward

Nifty is making higher top higher bottom formation from last 8 sessions and 8 is a fibonacci number. Today Nifty opened with an up gap but in later sessions it filled. If  in coming session Nifty trades above 8920 level then traders could expect  Nifty to trade up to 9000. If Nifty trades below 8900 level and sustains for 15 mins then traders could expect down move up to 8860  followed by 8795 level.