S&P BSE hits all-time high, 5 stocks contribute

It’s the third consecutive day that the Indian benchmark indices have closed not only in green, but also at all-time high levels. Likewise, S&P BSE 200 index too opened with a gap-up on the first day of the week, followed by a gap filling but ultimately bounced back to close in green at its peak levels. The index had given a multiple resistance breakout near 4,750 and since then has hit higher high every day with just one breather in between.

There are 5 BSE 200 stocks which have hit 52-week high on Monday. It’s the third straight day of hitting new all-time high for HDFC, but could not sustain on a closing basis. The stock closed lower and has formed a kind of Bearish Engulfing which may drag the stock some more on confirmation.

Reliance gave a 5-session consolidation breakout on Monday and closed at all-time high levels suggesting a continuation of upside rally with just a week’s breather. The volumes are high but oscillators are in the overbought zone which may bring in some volatility.

Bharat Financial Inclusion is been trading in the small upward sloping channel pattern since April mid 2018. The stock on Monday hit the upper trendline and retreated to close in red. The stock may correct if the stock shows confirmed resistance.

Indiabulls Ventures has been breaking all-time highs since the last 4 trading sessions, but with less share price movement. The rally started since July 19 when the stock gave a downward sloping trendline breakout at 476. However, the stock opened with a gap-up but gave Open-High which dragged it to close lower.

Whirlpool gave a three-day consolidation breakout in Monday’s trade and hit a high at 1,757 which is its all-time high but could not sustain and came down sharply forming a kind of Shooting Star which can drag the markets if confirmed in the next session. However, it had given a multiple resistance breakout near 1,610 on July 24 and hence the correction could be a pullback.