Risk-on theme dominates at Dalal Street as investors celebrate Fed’s September rate cut as done deal.

Review & Preview @4PM —— Thursday, August 22nd 2024

• NIFTY (+41, 24812)
• Sensex (+148, 81053)
• Bank Nifty (+300, 50986)

India VIX tumbles 2.44% to 13.01 levels.

# Sentimental Overview:

• Sensex above 81000 mark as bullish sentiments prevailed after the Federal Reserve’s July meeting confirmed that central bank officials are closer to cutting rates.
• The countdown starts for Chairman Jerome Powell’s Jackson Hole Economic Symposium appearance on Friday.
• The street is also hoping for more fireworks at the Powell’s speech at the Jacks on Hole conference on Friday, August 23rd

# Technical Overview:

• Nifty seen in top gear on backdrop of bullish candles on daily charts with next goalpost at its all-time-high at 25078.30 mark.
• Above Nifty 25078.30, we suspect even the most aggressive bulls will rush 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 24300 mark and then all eyes will be on the biggest support make-or-break support at 24167 mark.

# Outperforming Nifty Sectors:

• NIFTY METAL (+0.70%)
• NIFTY PSU BANKS (+0.66%)
• NIFTY FMCG (+0.65%)

# Underperforming Nifty Sectors:

• NIFTY PSE (-0.84%)
• NIFTY OIL & GAS (-0.28%)
• NIFTY IT (+0.18%)

# Buzzing stocks:

Bharat Electronics was unchanged despite securing orders worth Rs 695 crore. The orders comprise of Combat Management System, Communication equipment, Stabilized Optronic Pedestal, Upgrades, Spares, Services etc.

InterGlobe Aviation Ltd (INDIGO) was star outperformer of the day, up 4.431% at Rs 4485 as the street optimistic following the airline’s introduction of business class service on key metro routes. after Jefferies upgraded the stock to buy with target price at Rs 5225. Indigo also benefits from recent fall in oil prices towards $71.50 a barrel.

#  Bulls of the day:

• GRASIM (+2.65%)
• TATACONSUM (+2.42%)
• BHARTIARTL (+1.60%)
• APOLLOHOSP (+1.37%)
• TATASTEEL (+1.37%)

# Bears of the day:

• WIPRO (-1.37%)
• NTPC (-1.25%)
• TATAMOTORS (-1.22%)
• M&M (-1.21%)
• DRREDDY (-1.17%)

*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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