MARKETS LIVE: Indices open at record high, Nifty hits 11,400 for first time

Market at open   At 9:15 AM, the S&P BSE Sensex was trading at 37,755, up 199 points while the broader Nifty50 was ruling at 11,413, up 52 points. Markets at pre-open Index Current Pt. Change % Change   S&P BSE SENSEX 37,670.72 +114.56 +0.31   S&P BSE SENSEX 50 11,919.30 +35.41 +0.30   S&P BSE SENSEX Next 50 33,932.15 +106.92 +0.32   S&P BSE 100 11,668.81 +34.98 +0.30   S&P BSE Bharat 22 Index 3,586.90 +0.20 +0.01 Technical calls by Angel Broking ARVIND View – Bullish Last Close – Rs 419.70   Justification – During the penultimate week, the stock prices finally came out of its congestion zone which in technical terms can be interpreted as a breakout from the ‘Triangle’ pattern. This was accompanied by higher than average daily volumes, providing credence to the breakout. However, due to lack of follow up buying, the stock corrected a bit towards the trend line support of 412. As expected, the strong buying emerged at lower levels, which validates this corrective move as a pullback move and the stock would now possibly start the fresh leg of the rally. Hence, we recommend buying for an upside target of Rs 469 and stop loss at Rs 401.70.   Click here for more Outlook on Nifty by Angel Broking   The merry days continues for our market after undergoing some stressful period of nearly five months. Unlike the previous week, the intra-week action was not as smooth as it was; but as we generally say all is well that ends well. The index managed to reclaim the 11350 mark with an authority; bringing the smile back on a lot of retail investors.   With a technical point of view, the rally began after breaking out from a ‘Bullish Diamond’ pattern on the weekly chart during the mid-July. Since then a series of bullish price developments have been observed. Some would say markets are overbought but we do not want to be in this bandwagon as of now. READ MORE Top trading ideas by Prabhudas Lilladher:   BUY CUMMINS INDIA CMP: Rs 703.30 TARGET: Rs 770 STOP LOSS: Rs 660   The stock has witnessed a huge correction in the past 7 months from the peak of 984 to bottom out recently at 615 levels and has given a decent bounce back currently to move above the significant 50 DMA and given a breakout above the previous resistance of 685 levels thus signifying strength and potential to rise further in the coming days. With increasing volume participation witnessed the bias has improved a lot and hence we recommend a buy in this stock for an upside target of 770 keeping a stop loss of 660.   Click here for more Nifty outlook by Prabhudas Lilladher   Market though is overbought, yet Nifty is holding the support of 11,220 showing signs of a new round of momentum. Bank Nifty, too, has taken the support of 27,350 levels & back in momentum with Axis, ICICI, Kotak Bank, Yes Bank, etc, looks promising from here on. The support for the week is seen that 36,940/11,160 while resistance is seen at 37,980/11,500. Bank Nifty would have a range of 27,050-28,140. Focus on banking stocks.