# Nifty succumbs to massive profit booking, ends on an ugly note.

Review & Preview @4PM —— Monday, September 30th 2024

NIFTY (-368, 25811)
Sensex (-1272, 84300)
Bank Nifty (-856, 52978)

# Nifty succumbs to massive profit booking, ends on an ugly note.

# Nifty Midcap and Smal-cap however end with small loss suggesting that the sudden volatility doesn’t necessarily mean the sky is about to fall.

# Sentimental Overview:

# The pessimism was such that there was absolutely no place to run and no place to hide…

Also, blame it on:

1. The Nikkei dived 4% on concerns Japan’s new Prime Minister favored normalising interest rates.
2. Overbought technical conditions.
3. Rising Tensions in the Middle East.
4. Chinese markets zoom higher on attractive valuations.

# Buzzing stocks:

1) Shakti Pumps shares lock in 5% upper circuit at Rs 4270.65 on plans of 5:1 bonus issue.

2) Aurobindo Pharma declined 3% after the US Food and Drugs Administration (USFDA) inspected Apitoria Pharma, a subsidiary of Aurobindo Pharma’s Active Pharmaceutical Ingredient (API) manufacturing facility in Telangana.

3) Zomato slipped 1.85% at Rs 273 on Swiggy’s IPO move that had investors buzzing about the competitive landscape in the food delivery market.

# Technical Overview:

# Technically speaking, the long and short of today’s trading was that Nifty did swiftly drop from its all-time-high @ 26277.30 — as the street seen concerned amidst overbought technical conditions.

Nifty bulls are likely to take a breather. To put it straight, wary investors hit pause button

The line in the sand is at Nifty’s psychological support at 25300 mark and then at 24850 mark.

Nifty’s 200 DMA at 23070 mark.

# Outperforming Nifty Sectors:
Nifty METAL (+1.21%)
Nifty MEDIA (+1.13%)

# Underperforming Nifty Sectors:
Nifty AUTO (-1.88%)
Bank Nifty (-1.58%)
Nifty Reality (-1.57%)

# Bulls of the day:
JSWSTEEL (+2.93%)
NTPC (+1.37%)
HINDALCO (+1.14%)
BRITANNIA (+1.06%)
TATASTEEL (+0.84%)

# Bears of the day:
HEROMOTOCORP (-4.03%)
AXISBANK (-3.29%)
TRENT (-3.20%)
RELIANCE (-3.13%)
BEL (-3.05%)
(Source NSSEINDIA.com)

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.