# All bullish eyes will now aim at Nifty 26,000 mark

*Morning Action @ 7 AM – Monday, September 23rd 2024*

# In early action, Gift Nifty is aiming hard to take over the positive baton from last week’s strong close in the backdrop of Federal Reserve’s jumbo-sized rate cut.

Meanwhile, PM Modi attended tech CEOs roundtable in New York with the CEOs of leading American companies, including Google CEO Sundar Pichai, to enhance cooperation between India and the US in cutting-edge technologies such as AI, quantum computing and semiconductors.

*7:00 AM GLOBAL UPDATE:*
# GIFT Nifty 🇮🇳: (+47, 25888)
# Dow Futures: (+12, 42076)
# Nasdaq 100 Futures (+115, 19907)

# Nikkei (Closed, 37724)
# Hang Seng (+33, 18069)

# Dow Jones (+38, 42063)
# Nasdaq (-66, 17948)
# Bovespa (-2057, 131065).

MARKET TRENDS:
# Global: Positive
# FII: Positive (+14064.05 Cr)
# DII: Negative (-4427.08 Cr)
# Sentiment: Bullish
# Market Breadth: Positive
# Technicals: Higher high/low
# F&O: 25000 – 26000 zone.

# INDIA VIX 12.79 (+2.57%)
# Nifty PCR (26th Sept) 1.49
# Bank Nifty PCR (25th Sept) 1.38

# Nifty Outlook: Uncharted territory shall continue to be the new normal.

# WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:

Nifty Technically:
Nifty (CMP: 25791)
SUPPORT: 25633/25400
RESISTANCE: 26000/26300
RANGE: 25650-25950
BIAS: Positive
21 DMA: 25194
50 DMA: 24806
200 DMA: 22917

Bank Nifty Technically:
BANK NIFTY (CMP 53793):
SUPPORT: 53300/52650
RESISTANCE: 54500/55000
RANGE: 53400-54300
BIAS: Positive
21 DMA: 51649
50 DMA: 51359
200 DMA: 48868

*WHAT EXACTLY HAPPENED AT WALL STREET IN FRIDAY’S TRADE:*

# Wall Street was relatively quiet in Friday’s trade. But the Dow Jones managed to close in green, up 0.09% to 42,063, a new record closing high.

# Federal Reserve policymakers who expressed differing views on inflation. Governor Christopher Waller supported the half-point rate cut due to favorable inflation data, while Governor Michelle Bowman, the lone dissenter, warned it could signal a premature victory over inflation.

# WTI Crude oil trades firm at the $71.33 per barrel.

# COMEX Gold trades firm at $2619 per ounce.

NEED TO KNOW:

# All bullish eyes will aim at Nifty 26,000 mark with an interweek perspective.

# The Biggest Positive Catalyst Surrounding Dalal Street: The Fed’s 50 basis point jumbo rate cut is likely to trigger expectations of global interest rate cuts…

Our call of the day suggests Nifty is likely to trade choppy this Monday as aggressive bulls will prefer to take a breather following last week’s Fed-fueled rally.

In Friday’s trade, FIIs turned out to be net buyers to the tune of Rupees 14064 crores while DIIs sold shares to the tune of Rupees 4427 crores.

# The Nifty options data suggests Nifty is likely to be in a trading range of 25000-26000 zone. Maximum Call OI is at 27000 followed by 26000 strike prices. So, the 26000 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 25700 and then at 26200 strike price, while there was meaningful Put writing at 25700 and then at 25600 strike prices.

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

But before that, all eyes will be on

1) US GDP growth numbers for the second quarter and,
2) Federal Reserve Chair Jerome Powell’s Speech this Thursday, September 26.

# Nifty logged fresh record all-time-high@ 25849.25.

# Investors delighted after S&P Global says India to be the 3rd -largest economy by 2030-31, with an expected annual growth rate of 6.7%.

# Buzzing stocks:

1) JSW Steel, scaled a fresh 52-week high after upgrades from Macquarie and Goldman Sachs citing signs of recovery in the Chinese economy.

2) ITD Cementation jumped 20% to Rs 565 on report that Adani Group is eyeing promoter stake in the company.

3) Patel Engineering shares rose 2.56% at Rs 59 after NHPC contract in Sikkim. The project, which is expected to be completed within 18 months, adds to PEL’s robust portfolio in the North Eastern region.

4) HUL hit new record high at Rs 2989; market cap touches Rs 7 trillion on a healthy demand outlook

 

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

Nifty (25791): Buy between 25650-25700 zone. Stop at 24301. Zone. Targets 25900/26101. Aggressive targets at 26300-26500 zone.

Bank Nifty (53793): Buy between 53300-53500 zone. Stop at 52603. Targets 54000/54500. Aggressive targets at 55000-55300 zone.

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

# The 1 Stock to Buy Right Now:

Buy TITAN (CMP 3797): Buy at CMP. Stop at 3731. Targets at 3811/3877. Aggressive targets at 3951. (Interweek Strategy). Rationale: Signaling a massive upside consolidation breakout. Higher high/low.

 

 

*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.