Review & Preview @4PM —— Tuesday, August 6th 2024

Review & Preview @4PM —— Tuesday, August 6^th 2024

Nifty falters after a good start.

The unwinding of long positions at Dalal Street is not showing any signs of fatigue.

Nifty ends below 24000, Sensex below 79000 and Bank Nifty below 50000.

NIFTY (-63, 23993)

Sensex (-166, 78593)

Bank Nifty (-344, 49748)

# Sentimental Overview:

# Nifty initially rumbled with upswing and then downswing and finally ended the day with a thud.

Bears still everywhere as markets unable to calm down after Monday’s bloodbath, fueled by:

1. US slowdown fears
2. Talks of that massive debt that could sink the American Empire
3. Mid-East tensions. 

# Technical Overview:

The unwinding of long positions at Dalal Street is not showing any signs of fatigue.

If today’s price action at Dalal Street is any indication then the short-term technical outlook for Nifty remains in favor of bears.

Technically, confirmation of strength only above Nifty’s biggest hurdles at 24500 mark.

Nifty’s biggest support is now placed at 23630 mark.

Nifty’s 200 DMA at 22053 mark.

# Outperfoming Nifty Sectors:

Nifty Reality (+0.88%

Nifty IT (+0.43%)

Nifty Media (0.35%)

#  Underperforming Nifty Sectors:

NIFTY PSE (-1.17%)

Nifty PSU BANKS (-1.10%)

Nifty Auto (-0.78%)

Bank Nifty (-0.63%)

 # Buzzing stocks:

1. Vedanta (+0.47%, 414) shares end above dotted lines after net profit grows 54% YoY in Q1FY25 results.

• Infosys (-0.09%, 1750)  ended sluggish on media reports that the ‘Govt to not give any relaxation in its Rs 32,000 cr GST demand on Infosys’

• SBI (-1.69%, 798) falls further amidst a broader sell-off in Indian stock markets and after the lender posted in-line April-June (Q1) quarter results.

#  Bulls of the day:

BRITANNIA (+2.81%)    

JSWSTEEL (+2.35%)

TECHM (+1.74%)

L&T (+1.70%)

HUL (+1.54%)

# Bears of the day:

Top Index Losers:

HDFCLIFE (-4.28%)

SBILIFE (-2.43%)

BPCL (-1.84%)

SHRIRAMFIN (-1.71%)

SBIN (-1.47%)

*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.