Nifty hits fresh historic high at 25268.35; Extends its winning streak to 12 straight sessions; Notches gains for 3rd consecutive week and month.

Nifty bulls unfazed by overbought technical conditions and most importantly, shrugs-off conventional wisdom that the bull market depends only on participation from Bank Nifty or Nvidia.

NIFTY (+84, 25235)
Sensex (+231, 82366)
Bank Nifty (+198, 51351)

Nifty hits fresh historic high at 25268.35
Extends its winning streak to 12 straight sessions
Notches gains for 3rd consecutive week and month.

# Sentimental Overview:

Nifty’s string of gains continued for the 12th straight day. The 5-positive catalysts:

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 new AI-led road-ahead for Reliance Industries. RIL to Consider 1:1 Bonus Issue in Board Meeting on September 5th

3) This week, FIIs seen returning to buying desk.

4) Wall Street jumping out of the gate.

5) Upbeat US GDP data: The US economy grew 3% in Q2, faster than initially thought, easing recession fears.

 

# Technical Overview:

Nifty’s 12-days rally in a row is inspiring FOMO attraction at Dalal Street and most importantly, the street is actually hoping for more fireworks on September 18th FOMC meet.

The biggest positive catalyst: The long-awaited Federal Reserve rate cuts to finally begin from September 18th.

Technically, Nifty is seen in top gear on backdrop of bullish candles on daily charts with next major hurdles at its psychological 25500 mark.

Above Nifty 25500, there is a bright chance of more short covering and probably even the most aggressive bulls rushing to revise their Nifty’s targets higher for a market that keeps raging on.

The line in the sand is at Nifty’s psychological support at 24900 mark.

# Technical Overview:

Nifty’s 12-days rally in a row is inspiring FOMO attraction at Dalal Street and most importantly, the street is actually hoping for more fireworks on September 18th FOMC meet.

The biggest positive catalyst: The long-awaited Federal Reserve rate cuts to finally begin from September 18th.

Technically, Nifty is seen in top gear on backdrop of bullish candles on daily charts with next major hurdles at its psychological 25500 mark.

Above Nifty 25500, there is a bright chance of more short covering and probably even the most aggressive bulls rushing to revise their Nifty’s targets higher for a market that keeps raging on.

The line in the sand is at Nifty’s psychological support at 24900 mark.

 

 

# Outperforming Nifty Sectors:
NIFTY REALITY (+1.70%)
NIFTY PHARMA (+1.45%)
Nifty AUTO (+0.67%)

# Underperforming Nifty Sectors:
NIFTY MEDIA (-0.42%)

(Source NSSEINDIA.com)

# Buzzing stocks:

Nifty Pharma hits fresh all-time high at 23275.50 but Zydus Life (-0.47, 1124) ends on a weak note after receiving warning letter from USFDA for Jarod manufacturing unit

# Bulls of the day:
BPCL (+1.30%)
HDFC BANK (+0.99%)
JSW STEEL (+0.67%)
POWER GRID (+0.48%)
TATA STEEL (+0.39%)

# Bears of the day:
TECH MAHINDRA (-0.50%)
INDUSIND BANK (-0.07%)

(Source NSSEINDIA.com)

 

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DISCLAIMER

SEBI study dated January 25, 2023 on ‘Analysis of Profit & Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment’ wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.

*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.

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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.

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