Nifty trades on front foot as its string of gains continues for 4th day in a row!

Review & Preview @4PM —— Wednesday, August 21^st 2024

• NIFTY (+71, 24770)
• Sensex (+102, 80905)
• Bank Nifty (-118, 50686)

# Sentimental Overview:

• Interestingly, the gains at Dalal Street are despite FIIs pessimistic view. Please note, FIIs are on the sell side and have sold shares worth Rs 33,000 crores since the Union Budget.
• Much of the strength and rally at Dalal Street is on backdrop of steady SIP flows by retail investors. DIIs so far in August have net bought stocks worth Rs 36,000 crore.
• All eyes now on the Minutes of the US Federal Reserve July meeting to trickle later in the evening.
• The street is also hoping for more fireworks at the Powell’s speech at the Jacks on Hole conference on Friday, August 23rd

# Technical Overview:

• Nifty seen in top gear with next goalpost continues to be at its all-time-high at 25078.30 mark.
• Above Nifty 25078.30, we suspect even the most aggressive bulls will rush 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 24400 mark and then all eyes will be on the biggest support make-or-break support at 24167 mark.

# Outperforming Nifty Sectors:

• NIFTY FMCG (+1.43%)
• NIFTY MEDIA (+1.17%)
• NIFTY PHARMA (+0.89%)
• NIFTY METAL (+0.62%)

# Underperforming Nifty Sectors:

• NIFTY REALITY (-1.27%)
• NIFTY PSU BANKS (-0.32%)
• BANK NIFTY (-0.13%)

# Buzzing stocks:

Nykaa was in demand, up 10% and most importantly, hit a two-year high of Rs 228.30 as traders welcomed their Q1 announced last week; reporting 152% YoY jump in net profit of Rs 13.6 crore for the quarter ended June 30, 2024 (Q1FY25). (Nykaa’s operating revenue for the quarter was Rs 1,746 crore, up 23% from Rs 1,422 crore in the corresponding quarter of the previous year).

Larsen & Toubro (0.59%, 3594) was in limelight after bagging ‘large’ order for integrated infrastructure development project in town planning schemes 2 to 7 under the Navi Mumbai Airport Influence Notified Area (NAINA) Project in Maharashtra.

#  Bulls of the day:

• DIVISLABS (+3.70%)
• TITAN (+2.42%)
• SBILIFE (+2.24%)
• GRASIM (+2.02%)
• CIPLA (+1.99%)

# Bears of the day:

• TECHM (-1.26%)
• TATASTEEL (-1.25%)
• ULTRACEMCO (-1.14%)
• POWERGRID (-0.95%)
• HDFCBANK (-0.59%)

*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. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

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