Nifty begins the week with gains; holds above its 21 DMA as bulls aim to erase early August market meltdown.

# The Good News: Nifty begins the week with gains; holds above its 21 DMA as bulls aim to erase early August market meltdown.

Review & Preview @4PM —— Monday, August 19^th 2024

• NIFTY (+32, 24573)
• Sensex (-12, 80425)
• Bank Nifty (-149, 50368)

# Sentimental Overview:

• Attention shifts to the Fed’s Jackson Hole symposium this Friday, August 23rd
• We suspect, Powell will confirm the likelihood of a September policy rate cut.
• We will however spy with one big eye if Powell echoes the market drum of kicking things off with a 50 bps move.
• The street will eye the key economic data still to be released ahead of the September 18 FOMC meeting:

1. ISM’s
2. NFPayrolls
3. CPI

# Technical Overview:

• Well, despite a positive close, Nifty price action was listless in today’s trade.
• If today’s bullish consolidation price action at Dalal Street is any indication then the short-term technical outlook for Nifty remains in favor of bulls.
• Technically, confirmation of strength only above Nifty’s biggest hurdles at 24707 mark.
• Nifty’s biggest support to watch are placed at 24367 mark.
• Nifty’s 200 DMA at 22251 mark.

# Outperforming Nifty Sectors:

• NIFTY METAL (+1.95%)
• NIFTY OIL & GAS (+1.54%)
• NIFTY PSE (+1.26%)

# Underperforming Nifty Sectors:

• NIFTY AUTO (-0.82%)
• NIFTY PVT BANKS (-0.40%)
• BANK NIFTY (-0.19%)

# Buzzing stocks:

#  Bulls of the day:

• HINDALCO (+4.00%)
• SHRIRAMFIN (+3.47%)
• BPCL (+3.32%)
• TATASTEEL (+3.06%)
• LTIM (+2.00%)

# Bears of the day:

• M&M (-2.59%)
• BAJAJ AUTO (-1.17%)
• INDUSINDBANK (-1.07%)
• AXISBANK (-1.02%)
• SBILIFE (-0.96%)

ALL ABOUT NIFTY:

• Nifty (CMP: 24572)
• Support: 24367/24121
• Resistance: 24707/25100
• Range: 24450-24750
• 21 DMA: 24482
• 50 DMA: 24147
• 200 DMA: 22251
• Trend: Neutral

BULLISH LOOKING STOCKS:

• #  AUROBINDO PHARMA
• #  JINDAL STEEL & POWER
• #  BHARTI AIRTEL

BULLISH LOOKING STOCKS (LONG TERM):

• #  TVS MOTORS
• #  EXIDE
• #  BAJAJ AUTO

BEARISH LOOKING STOCKS:

• #  SUN TV
• #  DR REDDYS LAB
• #  AU BANK

STOCKS TO AVOID:

• #  PEL
• #  NAVIN FLOURO
• #  MRF

*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.

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