Nifty bulls unfazed by overbought technical conditions and most importantly, seen shrugging-off conventional wisdom that the bull market depends on Nvidia.

*Morning Action @ 7 AM – Friday, August 30th 2024* # This Friday morning, Gift Nifty is aiming to flirt with the dotted lines, indicating bulls unfazed by overbought technical conditions and most importantly, seen shrugging-off conventional wisdom that the bull market depends on Nvidia. The Good News: US index futures are trading steady on backdrop of a green Asian stock markets. *7:00 AM GLOBAL UPDATE:* # GIFT Nifty 🇮🇳: (-13, 25281) # Dow Futures: (+1, 41136) # Nasdaq 100 Futures (+47, 19372) # Nikkei (+177, 38540) # Hang Seng (+9, 17795) # Dow Jones (+244, 41335) # Nasdaq (-199, 17556) # Bovespa (-1303, 136041). *MARKET TRENDS:* # Global: Positive # FII: Positive (+3259.56 Cr) # DII: Positive (+2690.85 Cr) # Sentiment: Bullish # Market Breadth: Positive # Technicals: Overbought zone # F&O: 24000 – 25500 zone. # INDIA VIX 13.78 (-1.22%) # Nifty PCR (26th Sept) 1.5263 # Bank Nifty PCR (25th Sept) 0.95 # Nifty Outlook: Nifty may aim to end the week on a strong footing. # WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY: *Nifty Technically:* Nifty (CMP: 25152) SUPPORT: 25050/24900 RESISTANCE: 25551/26000 RANGE: 25050-25350 BIAS: Positive 21 DMA: 24600 50 DMA: 24406 200 DMA: 22478 *Bank Nifty Technically:* BANK NIFTY (CMP 51153): SUPPORT: 50713/50100 RESISTANCE: 51501/52350 RANGE: 50700-51700 BIAS: Positive 21 DMA: 50677 50 DMA: 51539 200 DMA: 48239 *WHAT EXACTLY HAPPENED AT WALL STREET IN OVERNIGHT TRADE:* # The biggest positive takeaway from overnight trade at Wall Street is that the Dow Jones index rallied hard while Nasdaq sobbed as Nvidia’s stock price faltered. # Nvidia shares fell nearly 6.5%, similar to the drop witnessed in Wednesday’s trade, despite posting strong quarterly results and an optimistic sales outlook. # The street is bracing for the latest US PCE price index report, which is the Federal Reserve’s preferred inflation gauge. Investors are looking for confirmation that prices are on a downward trend so the Fed can start cutting interest rates in September. # WTI Oil futures seen consolidating near $76 per barrel. # COMEX Gold consolidates near $2519 per ounce. Please note, Gold prices are up more than 22% for the year to date.   *NEED TO KNOW:* # Well, in this week’s trading, Nifty is currently up 1.3%. # We suspect, Nifty bulls are likely to be again successful in keeping the bears at bay as uncharted territory should continue to be the new normal. # The Good News: This Friday, there is a bright possibility that the Nifty may jump higher to new uncharted record high. We suspect the stage is set for Dalal Street to fire on all cylinders. *Please note, if today our stock markets stage a broad-based rally, then we are pretty sure there could be a more sustainable rally higher on our hands.* # The 5-positive catalysts this Friday morning: 1) Moody’s raises India’s 2024 GDP growth forecast to 7.2% in 2024, 6.8% in 2025 2) Sentiments buoyed after Mukesh Ambani unveiled a new AI-led road-ahead for Reliance Industries. RIL to Consider 1:1 Bonus Issue in Board Meeting on September 5th 3) FIIs posted a handsome buy figure in yesterday’s session to the tune of Rupees 3260 crores. 4) Strong positive global cues. (The overnight strong gains at Wall Street were despite Nvidia shares falling nearly 4% despite posting strong quarterly results and an optimistic sales outlook). 5) Upbeat US GDP data: The US economy grew 3% in Q2, faster than initially thought, easing recession fears. # All bullish eyes now turn towards US Personal Consumption Expenditures (PCE) index, which is the Fed’s preferred inflation gauge to trickle in at 6 PM IST. # Our call of the day suggests that the biggest positive catalyst continues to be the stage which is set for the long-awaited Federal Reserve rate cuts to finally begin from September 18th. # Now, here is the preferred trade on Nifty and Bank Nifty: Nifty (25152): Buy at CMP. Stop at 24789. Zone. Targets 25300/25551. Aggressive targets at 25750-26000 zone. Bank Nifty (51153): Buy at CMP. Stop at 50451. Targets 51357/51750. Aggressive targets at 52100-52500 zone. # Our chart of the day is bullish on PERSISTENT SYSTEMS, COFORGE and IEX on any early weakness with an interweek perspective. # The 1 stock to buy right now: Buy PERSISTENT SYSTEMS (CMP 5078): Buy at CMP. Stop at 4903. Targets 5151/5287. Aggressive targets at 5405. (Interweek Strategy). Rationale: Momentum oscillators in bullish mode. Signaling a massive upside breakout.   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. *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. 🇮🇳 🇮🇳 🙏🏻  

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