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It took Nifty 31 sessions to reclaim 10,137 peak

Yatheendradas C.k. at 05:58 AM - Sep 19, 2017 ( ) Views: 274

Sep 18, 2017 03:16 PM IST | Source: Moneycontrol.com

It took Nifty 31 sessions to reclaim 10,137 peak; 36 stocks rose 50-100% since Aug 2

Nearly 5 stocks more than doubled investors wealth on the NSE during those 31 sessions which include names like KIOCL, Goldstone Infratech, Future Market Network, California Software, and Bombay Dyeing.

ByKshitij Anand   Moneycontrol News

The Nifty took 31 sessions to reclaim its lost glory and hit a fresh record high of 10,168.55 on Monday, but 5 stocks in the small and midcap space more than doubled investors’ wealth in the same period and more than 30 stocks gave returns over 50 percent.

The Nifty had hit a record high of 10,137 on August 2 but then bears took charge of D-Street and pushed the index below its 50-days exponential moving average towards 9680.

Even though index moved in a range there were plenty of stock-specific action. Nearly 5 stocks more than doubled investors wealth on the NSE during those 31 sessions which include names like KIOCL, Goldstone Infratech, Future Market Network, California Software, and Bombay Dyeing.

 

As many as 36 stocks gave a return in the range of 50-100 percent which includes names like Aptech, V2 Retail, Tinplate Company, Mawana Sugars, Graphite India, Future Consumer, S E Power, Goldstone Technologies, HEG, JBM Auto, Emkay Global etc. among others.

30

The Nifty sold off from highs on Friday, but it succeeded in reversing sharply from support levels. In brief, the internals is looking strong and that should help Nifty surpass the level of 10140-10300 without any major efforts.

“On a weekly basis, 10040 would act like a strong support. Dismissal of 10140 would lift the index to 10350 in next few weeks with a minor resistance at 10170 and 10225,” Kotak Securities said in a report.

“Any short-term weakness till 10050 would be an opportunity to create long positions with a final stop loss at 10040 on a closing basis. Buying is advisable if Nifty crosses 10140 with a stop loss at 10100 for the target 10200/10225,” it said.

Among the Nifty names, Bombay Dyeing rose 113 percent since August 2, followed by HFCL which gained 88 percent, Future Consumer gained 55 percent, and Asahi India Glass rose 45 percent in the same period.

There were enough stocks which gave a negative return in the same period. Almost 50 percent of the stocks gave negative returns in the NSE 500 index since August 2.

Stocks which gave negative returns include names like HDIL which fell by 27 percent, followed by Shilpi Cable dropped 27.3 percent, J Kumar Infra fell by 26 percent, 8K Miles slipped by 25 percent, and JP Associates was down by 21 percent in the same period.


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