Review & Preview @4PM —— Wednesday, August 7th 2024

# The Good News: Bulls refuse to give up as Nifty recovers smartly from its last 3-days of drubbing.

# The Good News: Bulls refuse to give up as Nifty recovers smartly from its last 3-days of drubbing.

NIFTY (+305, 24298)

Sensex (+875, 79468)

Bank Nifty (+371, 50119)

# Sentimental Overview:

The positive takeaway from today’s trading session was that Nifty’s solid comeback indicates that the benchmark Nifty’s rebound still has fuel.

Perhaps, the perma-bull camp are convinced that the Fed will enact its 1st quarter-point cut sooner rather than later.

There is a bright chance that the Federal Reserve succeeds in bringing inflation to heel without crashing the economy.

# The Next Big Catalyst:

RBI MPC Meeting outcome on Thursday, August 8^th 2024.

The RBI’s MPC is likely to keep the repo rate unchanged at 6.5% and is unlikely to cut the key policy rate before December 2024 due to upside risks to inflation.

# Technical Overview:

Nifty sticking to rebound gains clearly suggests ‘lack of bearish conviction’.

Technically, confirmation of strength only above Nifty’s biggest hurdles at 22701 mark.

Nifty’s biggest support is placed at 24000 mark.

Nifty’s 200 DMA at 22075 mark.

# Outperfoming Nifty Sectors:

Nifty PSE (+3.95%)

Nifty OIL & GAS (+3.06%)

Nifty METALS (+2.90%)

NIFTY MEDIA (+2.81%)

NIFTY PHARMA (+2.15%)

# Buzzing stocks:

1. TVS Motors (+3.88%, 2575). Robust Q1 with a 23% increase in net profit. Key beneficiary of revival of 2-wheeler demand.

• PB Fintech (+5.48%, 1514) hits an all-time-high post robust Q1, reporting a 52% increase in revenues in Q1FY25.

• Lupin (+4.4%, 1995) hits its 52-week high at Rs 2030 per share on reporting a whopping 77.2% Y-o-Y increase in PAT for Q1FY25, reaching Rs 801 crore. Lupin’s revenue from operations also grew by 16.2%.

#  Bulls of the day:

ONGC (+7.45%)    

COALINDIA (+6.24%)

ADANIENT (+3.70%)

ADANIPORTS (+3.35%)

POWERGRID (+3.20%)

# Bears of the day:

INDUSINDBNK (-2.45%)

TECHM (-0.63%)

BRITANNIA (-0.32%)

HUL (-0.26%)

TITAN (-0.15%)

*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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