Sensex maintains higher highs despite pressure, 3 stocks hit 52-week high

Indian benchmark index, Sensex has been striving for a smooth upward movement in the last couple of trading sessions. Making gradual higher highs almost on a daily basis from its recent low at 34,937 on June 28, Sensex tried hard to give a breakout of the downward sloping trendline level drawn from its all-time high level. However, prices could not sustain above the trendline level at 35,730 and closed with marginal gains of 0.2 per cent. Meanwhile, three Sensex companies succeeded in hitting 52-week high in intraday trade though two out of three could not sustain the peak levels on closing basis.

TCS, the highest market capitalisation company surged ahead of its Q1FY19 results expected on July 10. The stock of TCS has been resisting near its 1,880 levels for three consecutive days and gave a sharp breakout in Friday’s trade to close 1.7 per cent higher with rising volumes cuing some more upside in the near term.

Hindustan Unilever hit its 52-week or rather all-time high level for 4th time in a row. However, simultaneous selling and buying pressure resulted in a Doji-like pattern at the peak levels. Monday’s movement will decide whether the stock has some room left for upside or is set for a correction.

Paint and Varnishing Giant Asian Paints has been resisting at 1,320 levels since May 16, 2018, where it formed a Rounding base pattern on the daily timeframe. It witnessed a breakout in today’s trade, though not significant. However, justifiable volumes coupled with oscillators quoting above 60 and stock prices bouncing back from intraday low today suggest some more upside in the near term.