Nifty clings to solid gains on bets of a dovish Federal Reserve and increased 50-bps rate cut expectations. 

Review & Preview @4PM —— Tuesday, August 20^th 2024

• NIFTY (+126, 24699)
• Sensex (+378, 80803)
• Bank Nifty (+435, 50803)

• Nifty clings to solid gains on bets of a dovish Federal Reserve and increased 50-bps rate cut expectations. 
• Bank Nifty was the biggest outperformer!

# Sentimental Overview:

• # All bullish eyes on the two big events of the week:
• The July FOMC meeting minutes to be released Wednesday, August 21st.
• Fed Chair Jerome Powell’s speech at the Jackson Hole conference on Friday.
• # We will however spy with one big eye if Powell echoes the market drum of hinting with a 50 bps move.
• Ahead of September 18 FOMC meeting, the street will eye the key economic data still to be released:

• ISM’s
• July NFP
• CPI

# Technical Overview:

• Nifty’s 3-days rally in a row is inspiring FOMO attraction at Dalal Street and most importantly, the street is actually hoping for more fireworks at the Powell’s speech at the Jackson Hole conference on Friday, August 23^rd
• More and more funds seen attracted to Nifty’s higher high/low technical landscape.
• Nifty’s immediate goalpost continues to be at its all-time-high at 25078.30.
• The line in the sand is at Nifty’s psychological support at 24300 mark.
• Nifty’s 200 DMA at 22278 mark.

# Outperforming Nifty Sectors:

• NIFTY PSU BANKS (+1.69%)
• NIFTY PVT BANKS (+0.96%)
• NIFTY IT (+0.74%)
• NIFTY PSE (+1.26%)

# Underperforming Nifty Sectors:

• NIFTY MEDIA (-0.44%)
• NIFTY FMCG (+0.11%)

# Buzzing stocks:

• Ola Electric ends 6% lower at Rs 137.40 after scaling record high at 157.40.
• Since its listing earlier this month, the stock has surged 107 percent over its issue price of Rs 76, more than doubling investors’ capital.
• Marksans Pharma scales its 52-week high at Rs. 224 after USFDA issues establishment inspection report (EIR) for Goa facility.
• DCX Systems (354.80) share price locked in 5% upper circuit for the second day in a row after the company bagged work orders from its domestic and international clients amounting to a total of Rs 107.08 crore.

#  Bulls of the day:

• SBI Life Insurance (+5.48%)
• HDFC Life (+3.53%)
• Bajaj Finserv (+3.41%)
• IndusInd Bank (+2.55%) 
• Shriram Finance (+2.39%)

# Bears of the day:

• BHARTI AIRTEL (-1.41%)
• ONGC (-1.40%)
• APOLLO HOSPITAL (-1.11%)
• ADANI ENTERPRISES (-1.02%)

CIPLA (-0.80%)

# ALL ABOUT NIFTY:

• Nifty (CMP: 24699)
• Support: 24539/24121
• Resistance: 24707/25100
• Range: 24550-24900
• 21 DMA: 24490
• 50 DMA: 24185
• 200 DMA: 22279
• Trend: Positive

# BULLISH LOOKING STOCKS:

• HDFC AMC
• JINDAL STEEL & POWER
• NTPC

# BULLISH LOOKING STOCKS (LONG TERM):

• TVS MOTORS
• EXIDE
• COAL INDIA

# BEARISH LOOKING STOCKS:

• SUN TV
• OBEROI REALITY
• AU BANK

# STOCKS TO AVOID:

• PEL
• NAVIN FLOURO
• MRF