Bulls take a breather as Nifty snaps its 6-day winning streak.

Review & Preview @4PM —— Friday, September 27th 2024

NIFTY (-37, 26179)
Sensex (-264, 85572)
Bank Nifty (-541, 53834)

Bulls take a breather as Nifty snaps its 6-day winning streak.

To put it straight, wary investors hit pause button amidst overbought technical conditions…

# Buzzing stocks:

1) Zee Media flared up further 10% to end at 20.75 as board approves fundraising Rs 200 crore via issue of warrants. The strategic move aims to enhance the company’s financial standing and support its growth initiatives.
2) Reliance Power continues to be in limelight, as its stock price hit the 5% upper circuit for the eighth consecutive session, driven by key contract wins and favorable corporate developments.

3) Zomato slipped 2% at Rs 278 on Swiggy’s IPO move that had investors buzzing about the competitive landscape in the food delivery market.

# Sentimental Overview:

Nifty hits the pause button after scaling an all-time high of 26,277.35. Most importantly, Nifty snaps its 6-day winning streak.

Focus now turns to US PCE inflation to trickle on Friday, September 27th at 6 PM IST.

According to CME Group’s FedWatch Tool, futures traders are assigning a 59% chance to another half-point cut – up from 37% a week ago – at the next Fed meeting.

# Technical Overview:

Well, Nifty has ended higher for 3rd straight week,

Nifty’s ongoing bull market seems in full stampede mode and the short-term technical outlook continues to remain in favor of bulls on backdrop higher/high low pattern on all time frames.

Nifty’s immediate goalpost now at 26500 milestone.

The line in the sand is at Nifty’s psychological support at 25900 mark. Please note, Nifty’s 200-DMA is placed at 23047 mark.

# Outperforming Nifty Sectors:
Nifty Oil & Gas (+2.80%)
Nifty PSE (+1.36%)
Nifty Pharma (+1.21%)

# Underperforming Nifty Sectors:
Nifty Media (-1.73%)
Bank Nifty (-0.99%)
Nifty Reality (-0.92%)

# Bulls of the day:
BPCL (+6.23%)
CIPLA (+3.25%)
SUNPHARMA (+2.45%)
DIVISLABS (+2.36%)
RELIANCE (+1.71%)

# Bears of the day:
POWERGRID (-2.96%)
BHARTIARTL (-1.93%)
HDFCBANK (-1.71%)
ICICIBANK (-1.70%)
HEROMOTOCORP (-1.59%)
(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.