Staying with winners always comes in handy especially at times when stock markets come under the weather, just like today.
The S&P BSE Sensex slipped as much as 390 points in intraday trade on Tuesday weighed down by weak global cues but as much as 67 stocks hit fresh 52-week high on the BSE.
Stocks which bucked the broader trend in the market include names like Bajaj Holdings, Maharashtra Scooters, Bajaj Finance, IndusInd Bank, Heritage Foods, D-Mart, IIFL, Ratnamani Metals, JSW Steel, Trident etc. among others.
As much as 29 stocks hit fresh all-time high on the BSE which include names such as HIL, D-Mart, Dilip Buildcon, HEG, L&T Finance Holdings Ltd, Jindal Stainless (Hisar) Ltd, Tourism Finance Corporation, KIOCL, Agri-Tech (India), Stel Holdings Ltd etc. among others.
The Nifty50 slipped below four crucial support levels and was now trading near its crucial make or break level of 9800, but there were 40 stocks which rose to fresh 52-week high on the NSE.
Stocks which managed to buck the trend include names like Avenue Supermarts, CESC, IIFL Holdings, Gruh Finance, Dewan Housing, Kansai Nerolac, HPCL, JSW Steel, Jindal Stainless (Hisar), Gayatri Projects, Tinplate, Future Market etc. among others.
The index slipped below its crucial short term moving averages in a single day such as 5-days exponential moving average (DEMA), 20-DEMA, 13-DEMA, and 50-DEMA in trade today.
India VIX moved up sharply by around 7 percent at 13.50. A sudden spike in volatility after the decline of last one week has given a pause in the bounce back move of the market. If the index slips below 9,775 on a closing basis, chances of further decline towards 9,720 and 9,685 is possible.
“The Nifty is stuck in a bear grip after the bounce back move seen in the last four sessions. It is still respecting to its rising support trend line by connecting the swings lows of 9,075, 9,448 and 9,685 marks,” Chandan Taparia, Derivatives and Technical Analyst at Motilal Oswal Securities told Moneycontrol.
“Now, if it sustains below 9775 then fresh selling pressure could drag it towards 9720 then 9685 while on the upside hurdles are seen at 9850 then 9880 zones,” he said.