Sensex reclaims 38,000 mark, 7 stocks hit 52week high

Key benchmark indices attempted a bounce back after two day’s breather amid a gap-up opening on Friday but remained more or less rangebound in intraday trade. BSE Sensex reclaimed 38,000 mark and hit 38,022, but could not sustain and closed at 37,948, registering 0.75 per cent gains from its previous close. Week ended on a flat to positive note with Sensex gaining just 0.2 per cent on a weekly basis. With Sensex trying a bounce back, more than 20 per cent stocks listed on the index hit 52-week high on the last trading day of the week.

With Bankex heading northwards, two major banks viz; Axis Bank and Yes Bank hit 52-week high, wherein Yes Bank hit record high levels. After which Yes Bank witnessed a dynamic impulse from 327.35 to 393.35, but the stock corrected near its 50 per cent retracement and witnessed a Rounding base. On Friday, the stock breached the resistance and hit an all-time high at 395. Axis Bank witnessed a major downward sloping trendline breakout initiated in March 2015 near 610 and is consolidating after a breakout.

Two FMCG giants ITC and HUL too hit all-time high levels. HUL breached its record after July 17 and breaking its nine consecutive day consolidation at higher levels. On the other hand, ITC continued its record high breaking spree, barring the previous trading session and ended the session with a huge Bullish candle after an open-low, registering 2 per cent plus gains on Friday.

Auto major M&M breached its resistance at 965 levels at 968.35 which is its record high, but closed flat 961, depicting consolidation at the peak levels. While, the Pharma major, Sun Pharma is seen breaking its 52-week high in its last three trading sessions, meanwhile giving a kind of Inverse Head & Shoulders pattern breakout. Even the IT major Infy has been breaking its all-time high since the last four trading sessions, but with very little momentum depicted by lower volumes and oscillators trailing in the overbought zone.