The benchmark Nifty is about to hit 26000 for the first time.

*Morning Action @ 7 AM – Tuesday, September 24th 2024*

*The Good News:* The benchmark Nifty is about to hit 26000 for the first time this Tuesday, September 24th.

Expect, champagne to be popped, the confetti, poppers popping, kazoos and cake are set to hunt for banner caps with ‘Nifty 26000’

It’s time to put the cherry on top of a banner Nifty 26000.

*The Gyan Mantra:* Make Hay while the Sun Shines.

 

*7:00 AM GLOBAL UPDATE:*
# GIFT Nifty 🇮🇳: (+40, 25999)
# Dow Futures: (-78, 42045)
# Nasdaq 100 Futures (+8, 19860)

# Nikkei (+647, 38375)
# Hang Seng (+326, 18574)

# Dow Jones (+61, 42125)
# Nasdaq (+26, 17974)
# Bovespa (-497, 130568).

MARKET TRENDS:
# Global: Positive
# FII: Positive (+404.42 Cr)
# DII: Positive (+1022.64 Cr)
# Sentiment: Bullish
# Market Breadth: Positive
# Technicals: Higher high/low
# F&O: 25000 – 26000 zone.

# INDIA VIX 13.78 (+7.74%)
# Nifty PCR (26th Sept) 1.42
# Bank Nifty PCR (25th Sept) 1.39

# Nifty Outlook: Nifty 26000+

# WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:

Nifty Technically:
Nifty (CMP: 25939)
SUPPORT: 25800/25709
RESISTANCE: 26100/26500
RANGE: 25900-26100
BIAS: Positive
21 DMA: 25247
50 DMA: 24838
200 DMA: 22943

Bank Nifty Technically:
BANK NIFTY (CMP 54105):
SUPPORT: 53650/53100
RESISTANCE: 54500/55300
RANGE: 53700-54500
BIAS: Positive
21 DMA: 51800
50 DMA: 51395
200 DMA: 48907

*WHAT EXACTLY HAPPENED AT WALL STREET IN OVERNIGHT TRADE:*

# Wall Street starts the new week on bullish note as the S&P 500 and the Dow Jones indices eke out new record highs.

# WTI Crude oil trades firm at the $70.88 per barrel.

# COMEX Gold trades firm at $2629 per ounce.

NEED TO KNOW:

# In yesterday’s trade, Nifty’s scaled fresh all-time-high at 25956.25.

In early action, Gift Nifty is trading with positive bias…

Amidst this backdrop, a Banner Day likely for the Benchmark Nifty as all bullish eyes on Nifty’s historic 26,000 milestone…

Well, capturing the Nifty 26,000 barrier makes a nice pretty headline to celebrate.

That brings us to our call of the day which suggests Nifty 26000 or Sensex 85000 are just milestones along the way, and definitely not a destination.

The positive catalyst: Liquidity, liquidity and liquidity.

Please note, after inaugural Fed rate cut, focus turns to US PCE inflation to trickle on Friday, September 27th

But before that, all eyes will be on the US GDP growth numbers for the second quarter ended June 2024, followed by the Federal Reserve Chair Jerome Powell’s Speech this Thursday, September 26.

So, expect the trading theme to revolve around the headlines surrounding stock specific news.

Nifty 26000 milestone is actually inspired by retail participation, the Aam Admi as Mutual Fund SIP accounts stands at 9.61 crores. Most importantly, the total amount collected through SIP during August 2024 was Rs. 23,547 crore.

Please note, after inaugural Fed rate cut, focus turns to US PCE inflation to trickle on Friday, September 27th

# The Nifty options data suggests Nifty is likely to be in a trading range of 25000-26500 zone. Maximum Call OI is at 27000 followed by 26000 strike prices. So, the 26500 mark is now Nifty’s major resistance zone on closing basis.

Maximum Put open interest stands at 25000 levels followed by 25500 levels.

Call writing was seen at 27000 and then at 25900 strike price, while there was meaningful Put writing at 25900 and then at 25800 strike prices.

Bottom-line: It looks like that Nifty is unlikely to look back as investors shall continue to cheer the Federal Reserve’s jumbo-sized rate cut.

# Buzzing stocks:

1) M&M Financial is gaining traction on reports that its board has approved fundraising of up to Rs 1,250 crore via NCDs on a private placement basis.

2) ICICI Prudential Life Insurance Company shares have scaled an all-time high of Rs 793 as CRISIL reaffirms ‘AAA’ rating on NCDs

3) HUL hits new record high at Rs 3035; market cap well above Rs 7 trillion on a healthy demand outlook.

 

# Now, here is the preferred trade on Nifty and Bank Nifty:

Nifty (25939): Buy between 25850-25900 zone. Stop at 24655. Zone. Targets 26001/26101. Aggressive targets at 26300-26500 zone.

Bank Nifty (54105): Buy between 53650-53900 zone. Stop at 52903. Targets 54350/54500. Aggressive targets at 55000-55300 zone.

# Our chart of the day is bullish on TITAN, ITC, TRENT, COLPAL and NAUKRI on any intraday weakness with an interweek perspective.

# The 1 Stock to Buy Right Now:

Buy ITC (CMP 517): Buy at CMP. Stop at 503. Targets 527/539. Aggressive targets at 551. (Interweek Strategy). Rationale: Momentum oscillators bullish. Breakout Play.

 

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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. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.