Nifty will aim to end the week with a bang on backdrop of FOMO attraction.

*Morning Action @ 7 AM – Friday, September 13th 2024*

# Gift Nifty is indicating positive open for our stock markets, hopefully Nifty ends in positive and uncharted territory.

*7:00 AM GLOBAL UPDATE:*
# GIFT Nifty 🇮🇳: (+40, 25388)
# Dow Futures: (+14, 41111)
# Nasdaq 100 Futures (-15, 19408)

# Nikkei (-169, 36661)
# Hang Seng (+58, 17298)

# Dow Jones (+235, 41097)
# Nasdaq (+174, 17570)
# Bovespa (-647, 134029).

MARKET TRENDS:
# Global: Positive
# FII: Positive (+7695 Cr)
# DII: Negative (-1800.54 Cr)
# Sentiment: Bullish
# Market Breadth: Positive
# Technicals: Higher High/low
# F&O: 24500 – 26000 zone.

# INDIA VIX 13.18 (-3.03%)
# Nifty PCR (26th Sept) 1.63
# Bank Nifty PCR (25th Sept) 0.87

# Nifty Outlook: Nifty will aim to end the week with a bang.

# WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:

Nifty Technically:
Nifty (CMP: 25389)
SUPPORT: 25189/24885
RESISTANCE: 25551/26000
RANGE: 25300-25550
BIAS: Positive
21 DMA: 24946
50 DMA: 24671
200 DMA: 22753

Bank Nifty Technically:
BANK NIFTY (CMP 51772):
SUPPORT: 51025/50369
RESISTANCE: 52357/53359
RANGE: 51500-52500
BIAS: Positive
21 DMA: 50947
50 DMA: 51370
200 DMA: 48573

*WHAT EXACTLY HAPPENED AT WALL STREET IN OVERNIGHT TRADE:*

# Wall Street enjoys strong Thursday’s session as Nasdaq leads the bullish action.

# As on Thursday’s close, the Dow Jones rose 0.6% to 41,096, the S&P 500 added 0.8% to 5,595, and the Nasdaq Composite gained 1.0% to 17,569.

# The trading theme revolves around markets increasing bets into the narrative that a soft landing in the US is underway.

# ECB cuts interest rates for second time by 25bps to 3.5% as expected, after a similar reduction in June.

# The US Producer Price Index (PPI) rose by 2.4% in August, the same as the 2.4% registered in July. The result came in below streets’ expectations of 2.5%.

# Bottom-line: According to CME Group’s FedWatch Tool, futures traders are pricing in a 67% probability the Fed will cut rates by a quarter-percentage point next Wednesday. Odds of a half-percentage point cut are currently at 33%.

# WTI Crude oil futures rose 3%+ to above $69 per barrel, driven by disruptions from storm Francine.

# COMEX Gold zooms higher towards $2561 per ounce.

NEED TO KNOW:

# The Good News: Nifty and Sensex have hit new historic highs at 25433.35 and 83116.19 respectively.

# Congratulations Investors, Congratulations India on Nifty and Sensex scaling new historic highs.

# Strictly speaking, bullish road seen intact as investors still have reason to be hopeful with Nifty’s immediate goalpost continues to be at psychological 26000 milestone on backdrop of FOMO attraction at Dalal Street.

# The trading theme revolves around markets increasing bets into the narrative that a soft landing in the US is underway.

# The street is actually hoping for more fireworks at the FOMC meeting outcome which will conclude on September 18th.

 

# Buzzing stocks:

1) Bharti Airtel is in limelight, scaling new record all-time-high on reports that it has expanded its home Wi‐Fi service across all the 22 districts of the Union Territories of Jammu and Kashmir and Leh-Ladakh. (Source: Business Standard)

2) Steel stocks are in limelight on reports from rating agency ICRA that the demand for steel was robust in the first quarter of the ongoing financial year with consumption growing at a rate of 15% on a year-on-year basis amidst competitively priced imports. (Source: Business Standard)

3) Granules simply tumbled 16% in yesterday’s trade on concerns over 6 observations issued by US FDA for the company’s Gagillapur facility in Telangana. (Source: Business Standard)

# Now, here is the preferred trade on Nifty and Bank Nifty:

Nifty (25389): Buy between 25200-25300 zone. Stop at 24859. Zone. Targets 25500/25701. Aggressive targets at 25900-26100 zone.

Bank Nifty (51772): Buy at CMP. Stop at 51001. Targets 52357/53359. Aggressive targets at 54000-55000 zone.

# Our chart of the day is bullish on INDUSIND BANK, ITC, JINDAL STEEL & POWER, OFSS, PERSISTENT SYSTEMS and BRITANNIA on any intraday weakness with an interweek perspective.

# The 1 Stock to Buy Right Now:

Buy JINDAL STEEL & POWER (CMP 1007): Buy at CMP. Stop at 969. Targets 1023/1057. Aggressive targets at 1083. (Interweek Strategy). Rationale: Momentum oscillators turning bullish. Signalling a massive upside rebound.

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*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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