Nifty wavers in an uninspiring session.

*Review & Preview @4PM —— Friday, August 23^rd 2024*

• NIFTY (+12, 24823)
• Sensex (+33, 81086)
• Bank Nifty (-52, 50933)

• Nifty wavers in an uninspiring session.
• The street eagerly awaits the highly anticipated Jerome Powell’s Jackson Hole speech on Friday at 8:30 PM IST.

# Sentimental Overview:

• Nifty’s string of gains continues for the 6th day in a row as the countdown starts for Chairman Jerome Powell’s Jackson Hole Economic Symposium appearance on Friday.
• Please note, the Federal Reserve’s July meeting confirmed that central bank officials are closer to cutting rates.
• Amidst this backdrop, the street is hoping for a dovish Powell’s speech. Hopefully, more fireworks on cards across the globe.
• Fingers crossed.

# Technical Overview:

• Nifty seen in top gear on backdrop of bullish candles on daily charts with next major hurdles at its all-time-high at 25078.30 mark.
• Above Nifty 25078.30, there is a bright chance of 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 24500 mark and then all eyes will be on the biggest support make-or-break support at 24167 mark.

# Outperforming Nifty Sectors:

• NIFTY METAL (+0.70%)
• NIFTY PSU BANKS (+0.66%)
• NIFTY FMCG (+0.65%)

# Underperforming Nifty Sectors:

• NIFTY REALITY (-2.37%)
• NIFTY MEDIA (-1.22%)
• NIFTY IT (-0.83%)

(Source NSSEINDIA.com)

# Buzzing stocks:

1. Sun Pharma gained (+1.39%, 1775) after announcing that it has launched tedizolid phosphate tablets (200 mg) in India under the brand name ‘Starizo’. 

Source: Business Standard

(Starizo is a novel, oxazolidinone-class antibacterial medicine, used to treat Acute Bacterial Skin and Skin Structure Infection (ABSSSI). The comany said that it has obtained the development, manufacturing and commercialisation rights from MSD, for Tedizolid Phosphate in India).

• InterGlobe Aviation Ltd (INDIGO) was star outperformer, up 5.28% at Rs 4720 as the street optimistic following the airline’s introduction of business class service on key metro routes. The airline has consistently gained market share over the years led by a dense network of flights and supportive pricing power. Indigo also benefits from recent fall in oil prices towards $72.50 a barrel.

(Source: Moneycontrol, Business Standard)

• Bharti Airtel jumps 1.59% at Rs. 1510 after its GST demand reduced to ₹194 crore from ₹604 crore by Appellate Authority.

(Source: Moneycontrol.com)

#  Bulls of the day:

• BAJAJ AUTO (+4.74%)
• COAL INDIA (+1.70%)
• BHARTI AIRTEL (+1.59%)
• TATA MOTORS (+1.58%)
• SUN PHARMA (+1.39%)

# Bears of the day:

• LTIM (-1.27%)
• WIPRO (-1.16%)
• ONGC (-1.01%)
• ASIAN PAINTS (-0.99%)
• TITAN (-1.17%)

(Source NSSEINDIA.com)

# ALL ABOUT NIFTY:

• Nifty (CMP: 24823)
• Adv-Dec  22—28
• NIFTY PCR (29th Aug) 1.20
• Support: 24621/24301
• Resistance: 25100/25500
• Range: 24700-25000
• 21 DMA: 24538
• 50 DMA: 24276
• 200 DMA: 22365
• Trend: Positive
• Nifty MidCap 50 (-0.68%, 16463)
• NiftySmallC (-0.11%, 19079)
• BANK Nifty (-0.10%, 50933)
• Nifty IT (-1.00%, 41090)
• INDIA VIX 13.55 (+4.23%)
• USD/INR (-0.06%, 83.90)

BULLISH LOOKING STOCKS:

• #  LARSEN
• #  BHARTI AIRTEL
• #  JYOTI CNC

BULLISH LOOKING STOCKS (LONG TERM):

• #  TVS MOTORS
• #  HDFC AMC
• #  COAL INDIA

BEARISH LOOKING STOCKS:

• #  SUN TV
• #  OBEROI REALITY
• #  PAGE INDUSTRIES

STOCKS TO AVOID:

• #  PEL
• #  NAVIN FLOURO
• #  SAIL

*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.