Gift Nifty is trading steady, unfazed by the Hindenburg Research report…

# In early action, Gift Nifty is trading steady unfazed by the Hindenburg Research report (the US-based short seller).

Asian markets as of writing too are above the dotted lines.

*7:00 AM GLOBAL UPDATE:*

• # GIFT Nifty 🇮🇳: (-51, 24355)
• # Dow Futures: (-70, 39470)
• # Nasdaq 100 Futures (-19, 18495)
• # Nikkei (+194, 35025)
• # Hang Seng (+13, 17103)
• # Dow Jones (+51, 39497)
• # Nasdaq (+85, 16745)
• # Bovespa (+1954, 130615).

• *MARKET TRENDS:*
  #  Global: Positive
  #  FII: Positive (+406.72 Cr)
  #  DII: Positive (+3979.59 Cr)
  #  Sentiment: Bullish
  #  Market Breadth: Positive
  #  Technicals: Oversold zone
  #  F&O: 23500 – 25000 zone.
  
  #  INDIA VIX 15.33 (-7.65%)
  #  Nifty PCR (29th Aug) 1.47
  #  Bank Nifty PCR (28th Aug) 0.90
  
  #  Nifty Outlook: Bulls may regroup at lower levels.
  
  # WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:
  
  *Nifty Technically:*
  Nifty (CMP: 24368)
  SUPPORT: 24221/23891
  RESISTANCE: 24630/25100
• RANGE: 24200-24500
  BIAS: Positive
  21 DMA: 24533
  50 DMA: 239968
  200 DMA: 22121
• *Bank Nifty Technically:*
  BANK NIFTY (CMP 50485):
  SUPPORT: 49717/48910
  RESISTANCE: 51151/51967
  RANGE: 50000-51000
  BIAS: Positive
  50 DMA: 51420
  50 MA: 51224
  200 DMA: 47748
• RANGE: 24200-24500
  BIAS: Positive
  21 DMA: 24533
  50 DMA: 239968
  200 DMA: 22121
• *Bank Nifty Technically:*
  BANK NIFTY (CMP 50485):
  SUPPORT: 49717/48910
  RESISTANCE: 51151/51967
  RANGE: 50000-51000
  BIAS: Positive
  50 DMA: 51420
  50 MA: 51224
  200 DMA: 47748

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

• # Wall Street traded with positive bias in Friday’s trade and  most importantly, stayed solidly higher through the close.
• # In the week gone by, the US indices came under heavy selling pressure due to US recession fears and the unwinding of yen carry trades.
• # Wall Street however recouped most of the losses as bullish traders viewed that the global selloff was an overreaction, with the Dow losing merely 0.6% on weekly basis, while the S&P 500 and Nasdaq Composite shed 0.04% and 0.18%, respectively. 
• # WTI crude futures improve now at $76.896 a barrel.
• # COMEX Gold trades with positive bias, now at $2,429.

*NEED TO KNOW:*

# Nifty’s Friday’s rebound indicates that the best part of bullishness at our stock markets are that they are not reacting to any terrible headwinds in any negative manner for more than one day.

1. In Friday’s trade, Ola Electric shares made a stunning stock market debut, jumping 20% and locked in upper circuit at Rs. 91.
2. TRENT jumped 11%, scaling new all-time-high at Rs. 6374 after reporting 133% YoY jump in its standalone PBT at Rs 450 crore in June 2024 quarter (Q1FY25).

• Lupin (+3%, 2114) hit its 52-week high at Rs 2125 per share on reporting a whopping 77.2% Y-o-Y increase in PAT for Q1FY25, reaching Rs 801 crore.

• Aurobindo Pharma Q1FY25 Net profit jumps 61% to Rs 919 cr.

• That said, SAIL dropped 6% after its Q1 Net profit tumbled 62% to ₹82 crore, missed street estimates by a mile.

# Q1 results to trickle in today: AIA ENGINEERING, BALRAMPUR CHINNI, BPCL, CERA, IDEA, NATOCO PHARMA, NALCO, NMDC,  SENCO GOLD, SJVN, VOLTAS.

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

• Nifty (24368): Buy between 24200-24250 zone. Stop at 22701. Targets 24500/24630. Aggressive targets at 24850-25100 zone.
• Bank Nifty (50485): Buy between 49900-50100 zone. Stop at 49631. Targets 50750/51151. Aggressive targets at 51500-51967 zone.

# Our chart of the day is bullish on BAJAJ AUTO, TATA MOTORS, BHARAT FORGE and TVS MOTORS on any early weakness with an interweek perspective.

# The 1 stock to buy right now:

• BUY TVS MOTORS (CMP 2581): Buy between 2530-2550 zone. Stop at  2389. Targets at 2613/2721. Aggressive targets at  2801. (Intermonth 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.