Congratulations Investors as Nifty and Sensex hit new historic high at 25129.60 and 82810.18 respectively.

 

*Review & Preview @4PM —— Wednesday, August 28th 2024*

NIFTY (+35, 25052)
Sensex (+74, 817786)
Bank Nifty (-135, 51144)

# Congratulations Investors as Nifty and Sensex hit new historic high at 25129.60 and 82810.18 respectively.

# Nifty’s string of gains continued for the 9th straight day.

# Sentimental Overview:

The trading theme revolves around markets increasing bets into the narrative that a soft landing in the US is underway.

Commanding attention from here on will be semiconductor company Nvidia’s latest financial results to trickle in this Wednesday, August 28th

Please note, the mania around artificial intelligence, makes Nvidia one of the stock market’s favorite companies, with a total value topping $3.20 trillion. The stock is up more than 155% for the year.

Long story short: Anything less than a stellar forecast from Nvidia could shatter Wall Street’s rally in AI-related companies, including Microsoft, Alphabet and Meta Platforms.

Hopefully, Nvidia’s results will drum up a bit of excitement and 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 new all-time-high at 25129.60.30 mark.

Above Nifty 25129.60, 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 24750 mark and then all eyes will be on the biggest support make-or-break support at 24444 mark.

# Outperforming Nifty Sectors:
NIFTY IT (+1.66%)
NIFTY PHARMA (+1.19%)

# Underperforming Nifty Sectors:
NIFTY MEDIA (-1.53%)
NIFTY PSU BANKS (-0.54%)
NIFTY REALITY (-0.52%)

(Source NSSEINDIA.com)

# Buzzing stocks:

1) Jyoti Structures gained 2.80% at Rs. 29.42 after bagging a contract for supply of towers for a 765 kV Transmission Line from a leading Private Developer. (Source: Moneycontrol)

2) Reliance Industries (RIL) traded flat ahead of the company’s 47the Annual General Meeting (AGM) scheduled for Thursday, August 29, 2024, at 2 PM Indian Standard Time (IST).

3) JBM Auto was ibn limelight up, 2.84% at Rs 1953 after signing of a strategic agreement with LeafyBus, for the supply of 200 ultra-modern electric luxury buses. (Source: Business Standard)

4) DLF ended on a weak note and most importantly, fell for 6th day in a row. The technical landscape appears ugly with bearish candles indicating downside risk at its 200 DMA at 812 mark.

# Bulls of the day:
LTIM (+6.31%)
WIPRO (+3.71%)
DIVISLABS (+2.71%)
BHARTIARTL (+2.05%)
INFY (+1.99%)

# Bears of the day:
MARUTI (-1.34%)
ASIANPAINTS (-1.33%)
ADANIENT (-1.27%)
SHRIRAMFIN (-1.17%)
BRITANNIA (-1.13%)
(Source NSSEINDIA.com)

 

*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.

 

 

 

 

 

More Posts

Open chat
1
LotusFunds
Hello 👋
Can we help you?