Nifty logs fresh record all-time-high@ 25611.95 led by gains in NTPC, Titan, and Nestle India.

Review & Preview @4PM —— Thursday, September 19th 2024

NIFTY (+38, 25416)
Sensex (+237, 83185)
Bank Nifty (+287, 53038)

Nifty logs fresh record all-time-high@ 25611.95 led by gains in NTPC, Titan, and Nestle India.

Nifty Mid-cap and Small-cap indices fail to capitalize on jumbo 50 basis points Fed rate cut, down 0.45% and 1.07% respectively.

 

 

# Buzzing stocks:

1) Vodafone Idea shares tumbles 19%, Indus Towers plummet 8% as Supreme Court rejected telecommunication companies’ plea for the re-computation of adjusted gross revenue (AGR) dues.

2) State-run NTPC’s green energy arm files for $1.2 bln India IPO
The company, a unit of state-owned power producer NTPC , will only issue new shares, and existing shareholders will not sell any stake, the draft papers showed.

3) Bajaj Housing Finance shares dropped further 7.5% in today’s trade amidst profit booking after its bumper debut in Monday’s trade which saw its price hit a peak of Rs 188.50.

# Sentimental Overview:

The street is excited that the Federal Reserve Chairman Jerome Powell is quite confident and bullish about the US economic outlook as the policymakers expect GDP growth to remain at the 2% level for the upcoming years and most importantly, the upside risks to inflation have diminished…

Additionally, projections by FOMC members pointed to a median of 100bps in total rate cuts for the year, translating to 25bps in each of the central bank’s meetings this year.

 

# Technical Overview:

Nifty traded volatile after scaling its new record high at 25611.95 mark but digging deeper, the price action reflected uneasiness.

Despite today’s bullish moves, Nifty’s price action and the short-term technical outlook for remains in favor of bulls.

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

The line in the sand is at Nifty’s psychological support at 25000 mark.

# Outperforming Nifty Sectors:
Nifty FMCG (+0.59%)
Nifty PRIVATE BANKS (+0.77%)
BANK NIFTY (+0.58%)

# Underperforming Nifty Sectors:
Nifty MEDIA (-2.32%)
Nifty PSE (-1.28%)
Nifty OIL & GAS (-1.12%)

(Source NSSEINDIA.com)

# Bulls of the day:
NTPC (+2.38%)
TITAN (+1.82%)
NESTLEIND (+1.77%)
KOTAKBANK (+1.76%)
TATACONSUM (+1.26%)

# Bears of the day:
BPCL (-3.41%)
COALINDIA (-1.52%)
ONGC (-1.34%)
ADANIPORTS (-1.25%)
SHRIRAMFIN (-1.25%)

(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.