Review & Preview @3:30PM —— Tuesday, August 13th 2024

Nifty dives amidst a mild washout at Dalal Street that sent stocks, big to small…lower.

Review & Preview @3:30PM —— Tuesday, August 13th 2024

• NIFTY (-208, 24139)
• Sensex (-693, 78956)
• Bank Nifty (-746, 49832)

Nifty dives amidst a mild washout at Dalal Street that sent stocks, big to small…lower.

Blame it on HDFC Bank which tanked 3.3%.

# Sentimental Overview:

• All sectoral indices ended in red. Nifty PSE, Nifty PSU Banks and Nifty Metal down 1.7% each.
• Even positive CPI inflation readings in India for July couldn’t empower the bulls today.
• HDFC Bank was the top laggard, down 3.3%, after the latest MSCI rebalancing announcement said the weight of the lender would be increased in two tranches against expectations of one single push.
•  Adani group stocks continued to receive drubbing: Adani Enterprises (-2.1%), Adani Port (-1.29%)

# The Next Two Big Catalysts:

1. The highly anticipated July US Consumer Price Index (CPI) report will be released Wednesday, August 15^th  

• The July US Retail Sales report is scheduled for release on August 15, 2024.

# Technical Overview:

• The unwinding of long positions at Dalal Street was severe in today’s trade.
• If today’s price action at Dalal Street is any indication then the short-term technical outlook for Nifty remains in favor of bears.
• Technically, confirmation of strength only above Nifty’s 21 DMA at 24517 mark.
• Nifty’s biggest support and downside risk could be at 23630 mark.
• Nifty’s 200 DMA at 22170 mark.

# Underperforming Nifty Sectors:

• NIFTY PSU Banks (-1.76%)
• NIFTY PSE (-1.72%)
• NIFTY METAL (-1.59%)
• Bank Nifty (-1.41%)
• Nifty Oil & Gas (-1.21%)

# Buzzing stocks:

#  Bulls of the day:

• TITAN (+1.93%)    
• APOLLOHOSP (+1.50%)
• TATACONSUM (+0.86%)
• DRREDDYS (+0.78%)
• HCLTECH (+0.55%)

# Bears of the day:

• BPCL (-3.54%)
• HDFCBANK (-3.26%)
• HDFCLIFE (-2.78%)
• SHRIRAMFIN (-2.53%)
• ONGC (-2.14%)

# Buzzing stocks:

1. MSCI Rebalance: August review:  Shares of RVNL, Vodafone Idea, Dixon Technologies, Oil India, Prestige Estates, Oracle Financial and Zydus Lifesciences will be included in the MSCI India Index as part of the latest rejig. Bandhan Bank is the only Indian stock that will be excluded from the index.

• Hindalco Q1 Results: Net profit rises 25% to Rs 3,074 crore, misses estimates.

• Aarti Industries stock tumbles 15% as its management anticipates 20-30% volume growth in FY25, although margins are expected to remain under pressure for at least next 1-2 quarters due to continued dumping from China.

• Hindustan Copper jumps 4% after profits grow two-fold in Q1 earnings, reaching Rs 113.40 crore for the quarter ending June 30, 2024.

*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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