Review & Preview @4PM —— Friday, August 9th 2024

Nifty makes a solid comeback after recent bout of drubbing; ends the day with a bang!

• NIFTY (+251, 24368)
• Sensex (+820, 79706)
• Bank Nifty (+328, 50485)

# Sentimental Overview:

Nifty’s impressive gains was courtesy of bargain hunters + value buying as boosting sentiments were catalysts like:

1. Wall Street jumping out of the gate.
2. US labour-market data calmed recession fears.
3. Unwinding of the Japanese Yen (JPY) eased.
4. De-escalation of geopolitical tensions as Iran could refrain from attacking Israel in exchange for a ceasefire in Gaza. 

# What’s in store for Next Week:

To start with, it should be quiet day at Wall Street this Friday but that said, things will pick up on that front next week, though, with a raft of US economic information’s like;

1. Inflation
2. Producer Prices
3. Retail Sales.

# Technical Overview:

• All is well that ends well.
• Well, Nifty bounces back with a bullish candle on the daily charts + positive divergences on momentum oscillators.
• The immediate goalpost now at Nifty 24630 and then at psychological 25000 mark.
• The best part is that our stock markets are not reacting to any terrible headwinds in any negative manner for more than one day.
• The line in the sand is at Nifty’s make-or-break support at 24100 mark.
• Nifty’s 200 DMA at 22121 mark.

# Outperforming Nifty Sectors:

• NIFTY PSU BANKS (+1.99%)
• NIFTY AUTO (+1.83%)
• NIFTY MEDIA (+1.67%)
• NIFTY REALITY (+1.51%)
• NIFTY IT (+1.50%)

# Buzzing stocks:

# Ola Electric shares make a stunning stock market debut, jumping 20% and locked in upper circuit at Rs. 91.

# TRENT jumps 12% and scaling new all-time-high at Rs. 6374 after reporting 133% YoY jump in its standalone PBT at Rs 450 crore in June 2024 quarter (Q1FY25).

# Info Edge (NAUKRI) zooms 5% on steady Q1 show; matrimony biz grows 38% YoY. The company’s profit after tax (PAT) surged by 13.79% Y-o-Y at Rs 232 crore versus Rs 200 crore in Q1FY24.

# SAIL dropped 6% after its Q1 Net profit tumbled 62% to ₹82 crore, missed street estimates by a mile.

#  Bulls of the day:

• EICHERMOT (+5.68%)    
• M&M (+3.05%)
• SHRIRAMFIN (+2.88%)
• TATAMOTORS (+2.81%)
• TECHM (+2.63%)

# Bears of the day:

• HDFCLIFE (-1.09%)
• KOTAKBANK (-0.16%)
• MARUTI (-0.12%)
• SUNPHARMA (-0.10%)

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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