A total of 11 components of the 30-share sensex package reached their 52-week high in intraday trading on September 1.
11 of these shares are Cat Asia, Axis Bank, Bajaj Finserv, Bajaj Finance, Bharti Airtel, Hindustan Unilever, ICICI Bank, Larsen & Toubro, TCS, Titan and Ultratech Cement.
Overall, more than 180 shares from various sectors reached their 52 weeks in BSE. Dabur, Labs Divi, Dmart, Havells, IRCTC, Consumer Products Tata and Larsen & Tubro Infotech, are also shown among their 52-week highs.
The market expanded his bullish run with Sensex and Nifty both of which reached their new record high 57,918.71 and 17,225.75, respectively, YEAT back in morning trade.
The BSE MIDCAP index also reached a record high of 24059.65. The SmallCap index pressed high intraday 27,117.67, around 200 points below was a record high of 27,323.18 which was hit August 4.
The market, however, was cooled after reaching a record high because of ordering profits.
Analysts show several momentum indicators that show nifty in the overbought area.
“Nifty in a strong bullish momentum but some momentum indicators show overbought and PCR areas traded at 1.66 which is also a small overbought area that can cause some consolidation or profit order at a point,” said Santosh Meena, Head of Research, Investmart Swastika.
“It is always recommended to remain with momentum until the market shows signs of weakness because the market may remain overbought for more time,” he said.
Meena believes that 17,300 is a direct resistance rate while 17,500 will be the next psychological obstacle. On the downside, 17,000 have become direct and strong support where only steps below 17,000 can cause some short weakness towards the level of 16,700, he said.
