Nifty heading northwards, 3 major stocks hit 52-week high

Indian benchmark indices witnessed their fifth consecutive intraday uptick with their levels heading downward sloping trendline levels at 35,865 and 10,875 for Sensex and Nifty, respectively. Since the end of May 2018, Nifty has been following gradual upside movement. On Monday, Nifty breached its recent multiple resistance at 10,790 on a closing basis. With Nifty heading northwards three stocks hit their 52-week high levels during the day.

The IT giant Infosys, which holds 24.2 per cent of the Nifty 50 index, hit 52-week high at 1,271.25, nearing its all-time high level of 1,279.30. However, the stock could not sustain the levels and closed marginally down. The stock has formed a Kind of Double top at 1,270-1,271 levels and if confirmed in the next trading session on Wednesday on closing basis can correct some more in the near-term. However, in broader terms, the stock has formed a Rounding base with a breakout at 1,210 which suggests upside in the medium-term.

The FMCG giant, HUL hit its 52-week and all-time high level on Monday breaking its kind of triple top pattern at 1,619 levels with rising volumes and 14-period RSI quoting at 69. On weekly basis, the stock has broken 4 weeks consolidation and is set to give some more upside.

On the other hand, NBFC giant Bajaj Finance posted its fifth consecutive uptick on daily basis and is hitting its 52-week or all-time high since last four trading sessions. This was on the back of a small downward sloping channel like pattern with a breakout at 2,130 levels. The stock has hit a Doji and in case it confirms on Wednesday may give some correction in the near-term.