Review & Preview @4PM —— Tuesday, August 27th 2024

*Review & Preview @4PM —— Tuesday, August 27th 2024

NIFTY (+7, 25018)
Sensex (+14, 81712)
Bank Nifty (+131, 51279)

# Nifty flirts with its all-time-high; the biggest positive takeaway was that Nifty closes at its record closing high.

# Nifty’s string of gains continues for the 8th straight days.

# Sentimental Overview:

Overnight, the Dow Jones surpassed its previous high, which was set in mid-July, by rising 0.2% to 41,240.

Commanding attention from here on will be semiconductor company Nvidia’s latest financial results to trickle in this Wednesday, August 28th

Please note, the mania around artificial intelligence, makes Nvidia one of the stock market’s favorite companies, with a total value topping $3 trillion. The stock is up more than 155% for the year.

Long story short: Anything less than a stellar forecast from Nvidia could shatter Wall Street’s rally in AI-related companies, including Microsoft, Alphabet and Meta Platforms.

Hopefully, more fireworks on cards across the globe.

Fingers crossed.

# Technical Overview:

Nifty seen in top gear on backdrop of bullish candles on daily charts with next major hurdles at its all-time-high at 25078.30 mark.

Above Nifty 25078.30, there is a bright chance of short covering and probably even the most aggressive bulls rushing 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 24750 mark and then all eyes will be on the biggest support make-or-break support at 24444 mark.

# Outperforming Nifty Sectors:
NIFTY MEDIA (+3.96%)
NIFTY PHARMA (+0.11%)
NIFTY FINANCIALS (+0.62%, 23532)

# Underperforming Nifty Sectors:
NIFTY FMCG (-1.06%)
NIFTY METAL (-0.60%)
NIFTY PSE (-0.12%)

(Source NSSEINDIA.com)

# Buzzing stocks:

1) Maruti Suzuki was in limelight (+ 1.91% 12478) after chairman R C Bhargava said the dealer stock to reduce to just 10 days by 2024-end. As of writing, Maruti’s dealer hold about 38 days of inventory in anticipation of the festival season.

Bhargava, while speaking at the company’s annual general meeting, said the demand for small cars – hatchbacks and sedans –is likely to revive by March 2026.

2) Sun Pharma gained (+0.64%, 1792) and scaled fresh all-time-high buoyed by its launch of tedizolid phosphate tablets (200 mg) in India under the brand name ‘Starizo’. (Starizo is a novel, oxazolidinone-class antibacterial medicine, used to treat Acute Bacterial Skin and Skin Structure Infection (ABSSSI). The comany said that it has obtained the development, manufacturing and commercialisation rights from MSD, for Tedizolid Phosphate in India).

3) Lupin market capitalisation nears Rs 1-trillion mark; shares rise 2.78%, 2175)

Lupin is set to become the seventh pharmaceutical company to achieve Rs 1-trillion market capitalisation feat.

(Source: Business Standard)

# Bulls of the day:
BAJAJ FINSERV (+2.46%)
SBILIFE (+2.27%)
MARUTI (+1.91%)
HDFCLIFE (+1.66%)
L&T (+1.60%)

# Bears of the day:
JSWSTEEL (-2.04%)
TITAN (-1.93%)
HINDUNILVR (-1.92%)
GRASIM (-1.26%)
COALINDIA (-1.18%)
(Source NSSEINDIA.com)

*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.