Taking Stock | IT, energy stocks push Nifty, Sensex to record intraday highs

The Indian markets ended in the green on November 23, with the week off to a good start as benchmark indices hit record highs during the day. The BSE Sensex was up 195 points or 0.44 percent at 44,077.15, and the Nifty was up 68 points or 0.52 percent at 12,926.50.

"The Nifty moved from a nervous situation this morning to green pastures by the afternoon. However, it is shying away from hitting the 13,000-mark. It is facing some resistance around the 12,950-12,970 levels but based on charts, we should be able to achieve the levels of 13.100-13.200. Since we have a good support at 12,700, every dip can be utilised to accumulate long positions," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

Among sectors, the Nifty IT and energy indices rose 2.7 percent each, while Nifty metal and pharma added 1 percent each. The Bank Nifty, however, ended in the red.

Broader markets outperformed the benchmarks, with the BSE midcap jumping 1.2 percent and smallcap 1.3 percent.

ONGC, IndusInd Bank, GAIL, Dr Reddy’s Labs and Tech Mahindra were among major gainers on the Nifty, while included HDFC, ICICI Bank, Axis Bank, SBI Life Insurance and SBI.

Stocks & sectors

Sectorally, BSE IT and oil & gas indices rose 2.9 percent and 2.7 percent. BSE metal, power and healthcare indices jumped 1 percent each. However, some selling was seen in the banking names.

A volume spike of more than 100 percent was seen in SAIL, SUN TV, ONGC and BHEL.

Long buildup was seen in SAIL, Adani Enterprises, Cummins, while short buildup was seen in Bosch, LIC Housing and Federal Bank.

More than 100 stocks hit a fresh 52-week high on the BSE, including MRF, Colgate Palmolive and Titan Company.

Technical View

The Nifty registered a Hanging Man formation despite witnessing a new life-time high of 12,968.

"For a sustainable upmove, the bulls need to push the indices beyond the upper boundary of the said channel, which is also coinciding with the psychological resistance point of 13k levels," said Mazhar Mohammad, Chief Strategist–Technical Research & Trading Advisory at Chartviewindia.in.

"However, based on long term charts, upsides from current levels may remain capped in the 13,200–500 zone," he added.