- by Stocktry Expert
- 30th May 2021
BSE500 index: 25 Stocks Rose 10-60% in 5 Days
Nifty50 surpassed its previous peak of 15431 recorded back in February 2021 to register a new high of 15,469.65 on Friday. The S&P BSE Sensex is still 1094 points away from its peak of 52,516 registered on February 16.
In the historic week, bulls dominated the price action on D-Street as S&P BSE Sensex rose 1.75 percent while the Nifty50 was up 1.71 percent for the week ended May 28 compared to 0.8 percent rise seen in the BSE Midcap index, and 1.5 percent rally seen in the Smallcap index.
As many as 25 stocks registered double-digit returns for the week ended May 28 as a result of fall in COVID cases. The names include EIH, ZEE Entertainment, Punjab National Bank, ABB India, Birlasoft, and Lux Industries.
On the global front, FIIs were net buyers in the cash segment for 4 out of 5 trading.
"Steady decline in fresh COVID-19 cases, expectations of another set of relief measures, global cues, and improved corporate earnings buoyed the market this week. As per reports, the central government is preparing the next set of support measures in order to minimise the economic impact of the second wave, especially in the worst-hit sectors,” Vinod Nair, Head of Research at Geojit Financial Services.
“Additionally, Fed officials reiterated that inflation is transitory, beating down worries. Fall in US jobless claims has also helped in raising optimism in the global market as it pointed towards the early opening of the US economy,” he said.
As long as the index stays above 15100 levels, the momentum is likely to continue till 15500-15600 which will act as the next resistance level for the index.“16-week consolidation is the biggest and time-consuming consolidation which will definitely give good support to the market. According to Weekly and Daily formation, the Nifty can stop once between 15500 and 15600 levels,” Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities said.
“The 15,250 and 15,100 are big pillars for the market and as long as the Nifty stays above 15100, we can see the level of 16000 to 16200,” he said.