Nifty clings to gains, scales new record high @ 25445.70.

Review & Preview @4PM —— Monday, September 16th 2024

NIFTY (+27, 25383)
Sensex (+98, 82989)
Bank Nifty (+215, 52153)

# Nifty clings to gains, scales new record high @ 25445.70.

The street is betting that the Fed could make a larger interest-rate cut; the odds of bigger rate cut is on the rise at the Fed policy outcome on September 18th

# Buzzing stocks:

1) Bajaj Housing Finance shares made a bumper debut and zoomed towards Rs 165, surging 136% above the IPO issue price of Rs 70.

The m-cap of the Bajaj Housing Finance surpassed Rs 1-trillion mark within minutes of the mega listing. (Source: Business Today)

2) Dixon Technologies (India) was star outperformer, up 7% to scale a new high of Rs 14,056 after Padget Electronics (Padget) signed a memorandum of understanding with Asus India (Asus) to manufacture information technology products such as notebooks for the company. (Source: Business Standard)

3) LT Foods, the owner Indian basmati rice brand Daawat, and KRBL, the owner of the flagship India Gate basmati rice brand, ended around 6% higher after the central government lifted the Minimum Export Price (MEP) on basmati rice.

The MEP of basmati rice was first imposed last year at $1,200 per tonne, before it was lowered to $950 per tonne. (Source: Business Standard)

# Sentimental Overview:

India VIX drops further towards 12.45.

Bullish consolidation should be the preferred theme as the street is excited that the Federal Reserve is likely to lower interest rates on Sept 18th.

Bulls will aim to regroup and regain mojo post a short-term minor correction as macros remain favorable.

 

# Technical Overview:

Nifty did scale new record high at 25445.70 mark but digging deeper, the price action was listless.

If today’s bullish consolidation price action is any indication then the short-term technical outlook for Nifty remains in favor of bulls.

The street is actually hoping for more fireworks at the FOMC meeting outcome which will conclude on September 18th.

Nifty’s immediate goalpost continues to be at psychological 26000 milestone.

The line in the sand is at Nifty’s psychological support at 24753 mark.

# Outperforming Nifty Sectors:
Nifty Media (+1.15%)
Nifty Metal (+0.61%)
Nifty Private Bank (+0.48%)

# Underperforming Nifty Sectors:
Nifty FMCG (-0.73%)
Nifty IT (-0.19%)

(Source NSSEINDIA.com)

# Bulls of the day:
NTPC (+2.55%)
JSWSTEEL (+1.71%)
HINDALCO (+1.67%)
SHRIRAMFIN (+1.52%)
L&T (+1.24%)

# Bears of the day:
BAJFINANCE (-3.38%)
HUL (-2.16%)
BAJAJFINSV (-2.02%)
SBILIFE (-1.27%)
BRITANNIA (-1.04%)
(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.