Nifty hits fresh historic high at 25333.60; extends its winning streak to 13 straight sessions.

Review & Preview @4PM —— Monday, September 2nd 2024

NIFTY (+43, 25279)
Sensex (+194, 82560)
Bank Nifty (+89, 51440)

Nifty hits fresh historic high at 25333.60; extends its winning streak to 13 straight sessions.

Nifty bulls unfazed by overbought technical conditions.

# Buzzing stocks:

# Gujarat Gas (+11%) powers up with GSPL (+4%), GSPL (+0.15%) merger news.

# Bajaj Finance and Bajaj Finserv jump 3% each as Bajaj Housing Finance sets mega-IPO date on 9 September and closes on September 11th.

# HPCL and BPCL hog limelight as they hit 52-week highs after Brent crude prices cool tumble amidst possibility of rise in OPEC+ supply.

# Dr Reddy’s shares drop hard, down 2.32% after Chinese authority suspends import, sale, use of its Atomoxetine Hydrochloride capsule.

The Chinese authority said the production quality management of Atomoxetine Hydrochloride capsules did not meet the requirements of China’s “Good Manufacturing Practice for Drugs”.

# Zydus Life (-1.33%, 1113) continues to receive drubbing after receiving warning letter from USFDA for Jarod manufacturing unit

 

 

# Sentimental Overview:

Wall Street is closed on Monday for the Labor Day holiday.
Investors will now brace for US jobs report which will be released on Friday, September 6.

Meanwhile, Nifty’s string of gains continued for the 13th straight day. The four big catalysts:

1) The long-awaited Federal Reserve rate cuts to finally begin from September 18th.

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

3) Moody’s raises India’s 2024 GDP growth forecast to 7.2% in 2024, 6.8% in 2025.

4) FIIs posted a handsome buy figure in the week gone by to the tune of Rupees 9217 crores.

# Technical Overview:

Nifty’s 13-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.

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 FMCG (+0.88%)
NIFTY PSU BANKS (+0.45%)
Nifty IT (+0.35%)

# Underperforming Nifty Sectors:
NIFTY METAL (-1.12%)
NIFTY PHARMA (-0.97%)
NIFTY PSE (-0.62%)

(Source NSSEINDIA.com)

# Bulls of the day:
BAJAJ FINSERV (+3.31%)
BAJAJ FINANCE (+3.05%)
HCLTECH (+2.67%)
HEROMOTOCORP (+2.19%)
SBILIFE (+2.01%)

# Bears of the day:
HINDALCO (-2.55%)
DRREDDY (-2.32%)
TATAMOTORS (-1.65%)
NTPC (-1.45%)
ONGC (-1.35%)

(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.