111 Stocks Closed Above Their Previous Day High in Nifty500 Index

Following a significant decline witnessed on Tuesday, coinciding with the general election results, the Nifty made a strong comeback on June 5. The NSE benchmark Nifty50 index closed the day convincingly higher by 735.85 points or 3.36%. Market participants shrugged off election jitters as they remained constructive on the long-term potential of the Indian equity markets.

After opening with a positive note, the market slipped into minor weakness amidst volatility in the early part of the session. It later shifted into a sustainable upside bounce that continued towards the end.

Candle Formation

A bullish candle formation was observed on the daily chart with a lower shadow on Wednesday, beside the long bear candle of Tuesday. Technically, this pattern indicates bullish inside-day type pattern formation, signaling a counterattack by the bulls after one day of market weakness. This is a positive indication.

Nifty moved above the crucial hurdle of the mid-point of Tuesday’s long-range bear candle around 22,250 on Wednesday and closed higher. The next crucial hurdle to watch is around the 22,740-22,780 levels. The volatility is expected to continue for the short term and immediate support is to be watched at the 22,300 level.

Interestingly, there are as many as 111 stocks which translates to 22% stocks from the Nifty500 index, which managed to close above its previous trading session high. The Nifty500 index managed to end the day up by 3.59%. The Nifty500 index took support around the 100-DMA and it managed to close around the important short-term moving average, i.e., 20-DMA.

Regarding the market breadth for the Nifty500 index, 440 stocks were seen advancing and 60 stocks declined. What was heartening to see that 140 stocks registered gains of more than 5% on Wednesday.

Stocks Closing Above Previous Day High

Here is a list of stocks which managed to close above their previous day’s high:

 We have covered only the top 20 stocks based on the alphabetic sequence.

Bikaji Foods

The chart shared for illustration purposes highlights Bikaji Foods. The candle highlighted in the black box represents the previous session’s candle, with its high at Rs 586. Today’s session high surpassed the previous session high, with the current day candle highlighted in the red box. Typically, this is considered a bullish sentiment as the bulls managed to move above the previous session high.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.