Nifty notches another positive close, extends its winning streak to 14 straight sessions.

*Review & Preview @4PM —— Tuesday, September 3rd 2024*

NIFTY (+1, 25280)
Sensex (-4, 82555)
Bank Nifty (+250, 51689)

Dalal Street: directionless, lackluster trading witnessed.

Luckily, Nifty notches another positive close, extends its winning streak to 14 straight sessions.

 

# Buzzing stocks:

1) Defence ministry to approve major Navy, Army projects worth over Rs 1 trn.

The tender is expected to involve Category A shipyards such as Mazagon Dock Shipbuilders, Garden Reach Shipbuilders and Engineers Limited, Goa Shipyard Limited, and Larsen & Toubro.

2) Hindustan Composites to acquire stake in Swiggy; stock gains 4.20% touched an intraday high of Rs 633.95 per share Hindustan Composites has signed a share purchase agreement to acquire 1,50,000 shares of Swiggy, worth Rs 5.17 crore.

Swiggy is currently unlisted, and preparing for an initial public offer (IPO) in the near future. As per a Reuters report, Swiggy is targeting a valuation of around $15 billion for its upcoming stock market offering, with an aim to raise $1-1.2 billion. The food delivery platform’s listing would make it one of the biggest IPOs in the country this year.

# Sentimental Overview:

Nifty bulls unfazed by overbought technical conditions.

Investors will now brace for US jobs report which will be released on Friday, September 6.

Meanwhile, Nifty’s string of gains continued for the 14th straight day.

Interestingly, the FIIs are seen returning to the buying desk.

1) The positive takeaway from last week’s trade was that FIIs net bought Rs 9,217 crore worth of shares.

2) In yesterday’s trade, FIIs turned out to be net buyers to the tune of Rupees 1735 crores.

The biggest positive catalyst: The long-awaited Federal Reserve rate cuts to finally begin from September 18th.

# Technical Overview:

Nifty’s 14-days rally in a row is inspiring FOMO attraction at Dalal Street and most importantly, the street is actually hoping for more fireworks on September 18th FOMC meet.

Technically, Nifty is seen in top gear on backdrop of bullish candles on daily charts with next major hurdles at its psychological 25500 mark.

Above Nifty 25500, there is a bright chance of more short covering and probably even the most aggressive bulls rushing to revise their Nifty’s targets higher for a market that keeps raging on.

The line in the sand is at Nifty’s psychological support at 24900 mark.

# Outperforming Nifty Sectors:
NIFTY PRIVATE BANK (+0.50%)
BANK NIFTY (+0.49%)
NIFTY PHARMA (+0.08%)

# Underperforming Nifty Sectors:
NIFTY MEDIA (-1.44%)
NIFTY OIL&GAS (-0.57%)
NIFTY METAL (-0.55%)
NIFTY REALITY (-0.55%)

(Source NSSEINDIA.com)

# Bulls of the day:
SBILIFE (+1.72%)
BAJAJ FINSERV (+1.40%)
ICICIBANK (+1.39%)
HDFCLIFE (+1.28%)
HEROMOTOCORP (+1.24%)

# Bears of the day:
BAJFINANCE (-1.36%)
ONGC (-1.33%)
INFY (-1.20%)
ADANIPORTS (-1.08%)
HCLTECH (-1.02%)

(Source NSSEINDIA.com)

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*Disclaimer:* This does not construe to be an investment advice. Stock market investments are subject to market risks. All information is a point of view, and is for educational and informational use only. The author accepts no liability for any interpretation of articles or comments on this platform being used for actual investments. Returns mentioned herein are in no way a guarantee or promise of future returns. Stock market investments are subject to market risks.