Sensex scales new highs, Nifty tests 6750; Top ten stocks in focus

NEW DELHI: The S&P BSE Sensex managed to hit yet another record high in morning trade on Wednesday, led by gains in ICICI BankBSE 1.81 %, HDFCBSE 0.83 %, InfosysBSE 0.77 % and Bharti AirtelBSE 3.82 %.

Tracking the momentum, the 50-share Nifty Index came off a bit from its record high of 6763.50, supported by gains in autos, consumer durable, IT and oil & gas stocks.

At 10:15 a.m.; the 50-share index was trading at 6739, up 18 points or 0.27 per cent. It touched a high of 6,763.50 and a low of 6,729.70 in early trade today.

The S&P BSE Sensex was trading at 22,520.23, up 74 points or 0.33 per cent. It touched a high of 22,592.10 and a low of 22,482.21 in trade today.

“The Nifty is expected to trend up till 6770 in the next couple of days. In this period the key support will be at 6689 and resistance will be at 6730,” said Somil Mehta, Senior Tech Analyst (Equity) at Sharekhan.

“The Nifty has been forming higher tops and higher bottoms; it has also closed above the previous swing’s high which is a positive sign for the market. The short-term bias remains positive for a target of 6770 with reversal at 6470,” he added.

Mehta is of the view that the medium-term outlook remains positive as the index has started forming higher tops and higher bottoms on the weekly chart and the momentum indicator has given a positive cross-over.