Nifty witnesses’ bullish consolidation after scaling new record high @ 25430.50.

Review & Preview @4PM —— Friday, September 13th 2024

NIFTY (-32, 25357)
Sensex (-72, 82891)
Bank Nifty (+166, 51938)

Nifty witnesses’ bullish consolidation after scaling new record high @ 25430.50.

Focus squarely remains on the Federal Reserve’s monetary-policy meeting outcome on September 18th

 

# Buzzing stocks:

1) Wipro gains 4% after CEO Srini Pallia emphasised the company’s continued commitment to its five-pronged growth strategy. (Source: Moneycontrol)

{Wipro’s growth strategy focuses on expanding large accounts, securing large deals through cross-selling and upselling, building industry-specific solutions, scaling AI talent, and integrating AI-powered services for responsible and innovative service delivery.}

2) Bajaj Housing Finance IPO: The street eagerly awaits the listing of Baja Housing Finance shares, scheduled for Monday, September 16, 2024. (Source: Business Standard)

(Media report suggests the grey market premium (GMP) of the public issue continues to remain above 100%.)

3) RailTel Corporation of India (RailTel) has informed that it has received a work order worth Rs 19.69 crore from Northern Railways. (Source: Business Standard)

# Sentimental Overview:

India VIX drops 5.06% to end at 12.52.

Bullish consolidation should be the preferred theme as the bulls may regroup and regain mojo post a short-term minor correction as macros remain favorable.

We still suspect, the Federal Reserve is likely to lower interest rates on Sept 18th.

 

# Technical Overview:

Nifty price action was listless in today’s trade.

If today’s bullish consolidation price action at Dalal Street is any indication then the short-term technical outlook for Nifty remains in favor of bulls.

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

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

The line in the sand is at Nifty’s psychological support at 24753 mark.

# Outperforming Nifty Sectors:
Nifty Reality Index (+1.74%)
Nifty Media (+1.55%)
Nifty PSU Banks (+1.17%)
Nifty Metal (+0.79%)
(Source NSSEINDIA.com)

# Underperforming Nifty Sectors:
Nifty FMCG (-0.67%)
Nifty Oil & Gas (-0.65%).

# Bulls of the day:
WIPRO (+3.78%)
BAJAJFINSV (+2.33%)
BAJFINANCE (+2.26%)
GRASIM (+1.34%)
INDUSINDBNK (+1.33%)

# Bears of the day:
SBILIFE (-1.65%)
ADANIPORTS (-1.43%)
HDFCLIFE (-1.34%)
ITC (-1.13%)
COALINDIA (-1.08%)

(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.