The ongoing trend in the indices suggests resistance at higher levels, although they are not indicating any correction as higher levels are tested again and again. It could be a case wherein the selling pressure is getting absorbed; however time will unfold the next move.
During the uncertain scenario, the question arises as to what should be done to safeguard one’s investment in Nifty50 stocks. There are eighteen stocks in the index which are trading near their 52-weeks high and two of them are close to hit a new high (Kotak Mahindra Bank and Larsen and Toubro).
The feeling of “opportunity loss” may haunt many; however keeping proper support level will not only give a sense of security but will also help to leverage other non-performing stocks. Once the support level is broken, one can start booking profits, as per the chart.
Three stocks that are trading near their 52-week lows are Mahindra & Mahindra, Hero MotoCorp, and Maruti Suzuki India. The trend seems negative, but, if these stocks form consolidation in an immediate term, then one can look for buying opportunities. List of Nifty 50 stocks that climbed 52-week high recently:-
|Asian Paints Ltd.||1365|
|Axis Bank Ltd.||710|
|Bajaj Finserv Ltd.||7200|
|Bajaj Finance Ltd.||2950|
|HCL Technologies Ltd||1070|
|Housing Development Finance Corporation Ltd.||1880|
|HDFC Bank Ltd.||2200|
|ICICI Bank Ltd.||375|
|Kotak Mahindra Bank Ltd.||1260|
|Larsen & Toubro Ltd.||1240|
|Reliance Industries Ltd.||1280|
|Tata Consultancy Services Ltd.||2020|
|Tech Mahindra Ltd.||780|
|Titan Company Ltd.||1050|
|UltraTech Cement Ltd.||4300|