Up again for benchmark Nifty on buzz that the Federal Reserve’s rate cut is coming this Wednesday, September 18th.

*Review & Preview @4PM —— Tuesday, September 17th 2024*

NIFTY (+35, 25419)
Sensex (+91, 83080)
Bank Nifty (+36, 52189)

Up again for benchmark Nifty on buzz that the Federal Reserve’s rate cut is coming this Wednesday, September 18th.

Bullish traders now spy with one big eye if Fed favours with a 50-basis-point rate cut.

 

# Buzzing stocks:

1) Tata Sons chairman N Chandrasekaran has said that Tata Motors and Jaguar Land Rover (JLR) will now manufacture electric vehicles in India for global markets. (Source: Business Today)

2) Bajaj Housing Finance shares scaled further 10% higher in today’s trade after a bumper debut in Monday’s trade.

BAJAJHFL zoomed towards Rs 182, surging 160% above the IPO issue price of Rs 70.

The m-cap of the Bajaj Housing Finance continues to be above Rs 1-trillion mark. (Source: Business Today)

3) JK Tyre & Industries slipped 2.4% at Rs 432 despite the company’s board approved the merger with Cavendish Industries. Cavendish Industries is engaged in developing, manufacturing, marketing and distributing automotive tyres, tubes and flaps.

# Sentimental Overview:

India VIX sluggish at 12.70.

Bullish traders excited that the Federal Reserve is likely to lower interest rates on Sept 18th.

Traders will spy with one big eye on how large that cut will be and most importantly, investors will be on the lookout for the Fed’s Summary of Economic Projections, or dot plot, which includes Fed’s expectations for where the interest rates will be going forward.

# Technical Overview:

Nifty traded steady near its new record high at 25445.70 mark but digging deeper, the price action was listless.

If today’s bullish consolidation price action is any indication, then the short-term technical outlook for Nifty remains in favor of bulls.

The street is actually hoping for more fireworks at the FOMC meeting outcome which will conclude on September 18th.

Nifty’s immediate goalpost continues to be at psychological 26000 milestone.

The line in the sand is at Nifty’s psychological support at 25000 mark.

# Outperforming Nifty Sectors:
Nifty Reality (+0.5%)
Nifty Infra (+0.29%)
Nifty Auto (+0.22%)

# Underperforming Nifty Sectors:
Nifty Media (-1.25%)
Nifty PSE (-0.65%)
Nifty PSU BANKS (-0.63%)

(Source NSSEINDIA.com)

# Bulls of the day:
HEROMOTCORP (+3.25%)
BAJAJ AUTO (+2.02%)
BHARTIARTL (+1.68%)
NTPC (+1.19%)
M&M (+0.89%)

# Bears of the day:
TATAMOTORS (-1.36%)
EICHERMOT (-1.00%)
TATASTEEL (-0.98%)
COALINDIA (-0.96%)
JSWSTEEL (-0.88%)

(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.