Market at fresh record closing highs; realty stocks shine

Benchmark indices extended their winning streak for the fourth consecutive session on June 15, ending at fresh record closing levels. The Sensex closed up 221.52 points or 0.42% at 52,773.05, and the Nifty ended up 57.40 points or 0.36% at 15,869.30.

Adani group stocks remained in focus for the second day after NSDL said accounts of foreign funds invested in Adani companies have not been frozen. Moneycontrol also reported that the freeze on accounts of the three FPIs pertains to some specific accounts in an unrelated case and happened way back in June 2016 and had nothing to do with Adani group companies.

The Nifty finally managed to hit the crucial 15900 levels but closed a tad below. “The zone of 15900-16100 is a resistance block and traders should be cautious around these levels,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

“A buy on dips approach would be a prudent form of trading this patch. 15700-15750 is good support for the index and as long as that does not break, we are in the territory of the bulls,” he added.

Among sectors, selling saw in the Nifty pharma and Nifty PSU Bank stocks. BSE Midcap and Smallcap indices rose 0.6 percent and 0.4 percent, respectively.

Asian Paints, Axis Bank, ICICI Bank, HDFC Life and HUL were among the top gainers, while losers included Divis Labs, Coal India, Bajaj Finserv, Hindalco Industries and Dr Reddy’s Labs.

Stocks & sectors

On the BSE, realty index added 1.5 percent, while metal, healthcare and power indices ended in the red.

Among individual stocks, a volume spike of more than 500 percent was seen in Gujarat Gas, GMR Infra and BHEL.

Long buildup was seen in Gujarat Gas, GMR Infra and BHEL, while short buildup was seen in Adani Ports, Escorts and Shriram Transport.

More than 500 stocks, including Titan, Marico and Tata Motors, hit a fresh 52-week high on the BSE.

Technical View

Nifty formed a doji sort of candle on a daily scale as it closed near its opening levels.

“The index has to hold above 15,800 zones to witness an up move towards 16,000 and 16,200 zones while on the downside support has shifted higher to 15,750 and 15,600 zones,” said Chandan Taparia of Motilal Oswal Financial Services.