Morning Asia @ 7 AM – Wednesday, September 3rd 2025

# As of writing, the Nasdaq 100 future is seen rebounding after a federal court ruling in an Alphabet antitrust case eased regulatory concerns for tech majors.

# Gift Nifty is seen treading water and that brings us to our call of the day which suggests traders need to brace for an up-and-down session.

# Nifty may waver and struggle for direction as investors brace for:

1) GST council meeting (September 3-4)
2) US jobs data (September 5th).

# Our call of the day suggests to stay light on any excessive strength as the gyan mantra for the day is to stay nimble as the FIIs were net sellers in yesterday’s up-and-down session to the tune of Rs 1159.50 crores.

# 7:00 AM GLOBAL UPDATE:
GIFT Nifty: (-42, 24626)
Dow Futures: (-127, 45169)
Nasdaq 100 Futures (+53, 23284)

Nikkei (-167, 42143)
Hang Seng (+164, 25661)

Dow Jones (-249, 45296)
Nasdaq Composite (-176, 21280)
Bovespa (-948, 140335)

# MARKET TRENDS:
Global cues: Negative
FII: (-1159.50 crores)
DII: (+2549.50 crores)
Sentiment: Risky
Market Breadth: Negative
Technicals: Consolidation
F&O: 24000 - 25500 zone.

INDIA VIX 11.40 (+0.95%)
USD/INR Futures (September) (88.32)
NIFTY PCR (30th Sept) 1.12
Bank Nifty PCR (30th Sept) 0.84

# Nifty Outlook: Nifty’s upside is likely to be capped. Nifty could sink as catching pessimism are catalysts like Tariff, Fed Fights, Uninspiring Corporate India’s Q1, Weakening Technical landscape.

Biggest support seen at 24336 mark (Low as on August 8th 2025).

# WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:

NIFTY (CMP 24580):
SUPPORT: 24336/24076
RESISTANCE: 24757/25155
RANGE: 24400-24700
BIAS: Negative
21 DMA: 24689
50 DMA: 24984
200 DMA: 24076

SENSEX (CMP 80158)
SUPPORT: 79741/79200
RESISTANCE: 80761/82300
RANGE: 79400-80400
BIAS: Negative
21 DMA: 80774
50 DMA: 81833
200 DMA: 79279

BANK NIFTY (CMP 53661)
SUPPORT: 52896/51500
RESISTANCE: 54500/55300
RANGE: 52900-53900
BIAS: Negative
21 DMA: 55073
50 DMA: 56081
200 DMA: 52926

WHAT HAPPENED AT WALL STREET IN OVERNIGHT TRADE:

# Wall Street ended Tuesday’s trade on a down note.

# The S&P 500 declined 0.7% to 6,415, the blue chip Dow Jones Industrial Average was off 0.6% at 45,295, and the Nasdaq Composite shed 0.8% to 21,279.

# The Negative Catalysts:

1) The US July PCE Inflation wired on Friday is seen creeping up clouding the Fed's rate outlook.

2) Higher US Treasury yields added strain, with the 10-year hovering near 4.3% and the 30-year nearing 5%, both seen as headwinds for equities

# In after-hours trading, Google-parent Alphabet jumped 7% as the judge ruled the company can keep its Chrome browser but must end exclusive search deals and share search data. Apple, which is also facing antitrust scrutiny, rose nearly 3% as it can continue preloading Google Search on the iPhone.

# Gold prices ($3535 per ounce) climbed and were seen flirting with fresh record highs amid uncertainty over President Donald Trump’s tariffs and increased bets for a US interest-rate cut.

# WTI crude oil futures traded rangebound with slight positive bias and near the $65.20 a barrel amidst amid concerns over supply disruptions stemming from ongoing Russia-Ukraine conflict.

# STOCK MARKET NEWS:

# Volatility was hallmark of yesterday’s trade and the negative takeaway was that Nifty failed to hold onto its strong gains, with the benchmark ending the session in the red.

Well, you can also blame in to Tuesday being an expiry day for NSE.

# As we write, the only asset class scaling new all-time high is Gold which is supported by rising expectations of a Federal Reserve rate cut this month and a weaker US dollar.

# Meanwhile, all investors' eyes will be on:

1) The upcoming GST Council meeting on September 3rd and 4th.

2) Also, the spotlight will also be on the US jobs data (Friday, September 5th) amid worries about labour market health.

# Technically, Nifty (24580) still continues to trade way below its 21 DMA (21689), 50 DMA (24984) and 100 DMA (24728) and most importantly, well below the psychological 25000 mark.

# We suspect, Nifty could sink and the drop could be deeper amidst the 7-negative catalysts like:

1) Trump’s 50% Tariff on India
2) Persistent FIIs selling
3) Indian Rupee (88.34) receiving massive drubbing against US Dollar
4) Uninspiring Corporate India’s Q1
5) Nifty’s Weakening Technical landscape.
6) Wall Street seen sinking after the US July PCE Inflation seen creeping up, clouding the Fed's rate outlook.
7) Fed Fights

# Technically. Nifty’s biggest support seen at 24336 mark (Low as on August 8th 2025).

# Bottom-line: Bears aim to seize Dalal Street with Nifty’s downside risk seen at its 200 DMA at 24076 mark. Confirmation of strength only above 25155 mark.

# STOCKS IN SPOTLIGHT:

1) M&M (-2.4%), Tata Motors (-0.83%) shares fall in Tuesday’s trade amid buzz of GST hike on EVs priced from Rs 20-40 lakh. Media report suggests, the tax panel has proposed to increase the GST rate to 18 percent from the current 5 percent for EVs priced between Rs 20 lakh and Rs 40 lakh.

2) Defence stocks were in spotlight in Tuesday’s trade as traders tracked fresh developments around Centre's Make in India push.

(Prime Minister Narendra Modi while addressing the Shanghai Cooperation Organisation (SCO) summit, issued a strong statement against terrorism. The remarks conveyed a strong stance against terror, which is being seen as a positive for equipment suppliers).

3) Sugar stocks are in sweet spot in Tuesday’s trade after the govt removed curbs on ethanol production from sugarcane/sugar syrup.

Sugar stocks on limelight were: Avadh Sugar (+5.4%), Shree Renuka Sugars (+13%), Dhampur Sugar (+10.5%), and Balrampur Chini Mills (+4.6%)

4) Zaggle Prepaid Ocean Services gained 0.47% after the company announced a partnership with Suryoday Small Finance Bank to offer its Zaggle Save platform for managing the bank’s employee expenses and benefit programs.

5) Rail Vikas Nigam (RVNL) rose 5% after the company announced that Sukhmal Chand Jain has officially assumed charge as the chairman and managing director (CMD) of the company.

6) Tyre stocks were in action in Tuesday’s trade after automobile companies reported healthy sales numbers and on the expectation of replacement demand. Tyre stocks doing well were: MRF (+6%), CEAT (+5%), JK Tyres (+6%) and Apollo Tyres (+4%)

7) A majority of employees at India's largest IT services firm Tata Consultancy Services (-0.02%) have received an annual salary raise of about 4.5-7%, with exceptional performers bagging double digit hikes of at least 10 per cent, the company said.

8) Zee Entertainment Enterprises (+1.14%), citing data from the Broadcast Audience Research Council India (BARC), said its market share in the linear television (TV) segment rose to 18.2 per cent in July, its highest in four years.

9) Shares of Eicher Motors (+1.11%) hit a record high of ₹6,389.01, rising nearly 2% on the BSE in Tuesday’s intraday trade. Over the past two sessions, the stock of Royal Enfield’s parent — a global manufacturer of middleweight motorcycles — has rallied 5% after reporting strong August 2025 sales.

# Now, before we get into detail of today’s trading session, here is the preferred trade on Nifty and Bank Nifty:

Nifty (24580): Sell between 24705-24750 zone. Stop at 24991. Targets 24500/24336. Aggressive targets at 24000-24100 zone.

Bank Nifty (53661): Sell between 53900-54100 zone. Stop at 54951. Targets 53411/53000. Aggressive targets at 52650-52896 zone.

# Our chart of the day is bullish on MANAPPURAM, TITAN and NYKAA on any early excessive intraday weakness with an interweek/Intermonth perspective.

# The 1 Stock to Buy Right Now: Buy MANAPPURAM (CMP 281): Buy between 269-272 zone. Stop at 259. Targets 287/295. Aggressive targets at 313. (Interweek Strategy). Rationale: Signalling a massive rebound on the upside. Aiming to move towards higher levels on the daily charts. Key interweek support 262. Major hurdles only at 285 mark. 200-DMA at 222.

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RISK DISCLOSURES ON DERIVATIVES:

# 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.

# On an average, loss makers registered net trading loss close to 50,000.

# Over and above the net trading losses incurred, loss makers expended an additional 28%of net trading losses as transaction costs.

# Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.

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

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.