Markets above major resistance, 4 stocks hit all-time high

Indian benchmark indices successfully beat their major multiple resistance level after struggling for nearly two and a half months. Nifty breached 10,630, while Sensex broke out of 34,630-34,660 resistance zones at the end of the last week and continued the bounce even on Monday. The move is almost a straight one after a bounce back from the major support levels.

While the markets were dragged down badly by the PSU banks, the private banks become major contributors to the positive reversal. Two of the Sensex listed banks namely Kotak Bank and IndusInd Bank were trailing at their all-time high levels. Kotak Bank had given a multiple resistance breakout near 1,120 on April 11, it rose till 1,180 and consolidated at the levels for a while. Bank broke out of 1,180 on April 26 and is making newer high since then. IndusInd Bank too gave a Double top pattern breakout at 1,818 on April 5, witnessing a pullback followed by a bounce back to trade higher.

Apart from banks, the FMCG major Hindustan Unilever is also trading at its all-time high level. The stock had taken a resistance turned support at 1,290 levels. It took multiple support at those levels and since then has been trading straight upside up to 1,510 high.

On Monday, last but not the least, auto major M&M too had given a trendline breakout followed by a pullback. The pullback was slightly below the trendline level and after taking support at 714 on February 22, the stock gave almost a straight upside up to nearly 879 levels.