The BSE Sensex rallied more than 250 points in afternoon trade on Tuesday to hit its fresh record high of 30,579.23 and as much as 104 stocks hit fresh 52-week high on the BSE on a day which marks the third anniversary of the announcement of BJP’s historic election victory. Stocks which surged fresh 52-week high include names like JK Lakshmi, Atul, Bajaj Holdings, Hitachi Home, Yuken India, Manpasand Beverages, Vaibhav Global, Max India, Godrej Industries, Muthoot Capital, Kansai Nerolac, Motherson Sumi etc. among others.
The Nifty50 opened at 9,461 to hit a record high of 9,517.20 which made a small upper shadow. It slipped marginally to 9,456.35 which made a small lower shadow, before closing the day at 9,512.25, up 66.85 points.
Expert Advice: This strong move is suggesting a fresh breakout kind of situation we advise traders to use this rally to book profits especially in the zone of 9,550 – 9,600 levels by maintaining a stop below 9,449 levels on closing basis and sit on substantial cash as markets on multiple time frames are looking to have stretched on the upside.