Technically, confirmation of strength only above Nifty all-time-high at 25333.65 mark.

*Morning Action @ 7 AM – Wednesday, September 11th 2024*

# Gift Nifty treads water in early action indicating an up-and-down trading session for benchmark Nifty.

*7:00 AM GLOBAL UPDATE:*
# GIFT Nifty 🇮🇳: (-30, 25086)
# Dow Futures: (-75, 40662)
# Nasdaq 100 Futures (-45, 18784)

# Nikkei (-286, 35877)
# Hang Seng (-182, 17052)

# Dow Jones (-93, 40737)
# Nasdaq (+141, 17026)
# Bovespa (-418, 134320).

MARKET TRENDS:
# Global: Negative
# FII: Positive (+2208.23 Cr)
# DII: Negative (-275.37 Cr)
# Sentiment: Risky
# Market Breadth: Neutral
# Technicals: Consolidation Day.
# F&O: 24000 – 25500 zone.

# INDIA VIX 13.36 (-6.18%)
# Nifty PCR (26th Sept) 1.54
# Bank Nifty PCR (25th Sept) 0.88

# Nifty Outlook: Nifty is likely to waver.

# WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:

Nifty Technically:
Nifty (CMP: 25041)
SUPPORT: 24753/24641
RESISTANCE: 25334/26000
RANGE: 24900-25150
BIAS: Neutral
21 DMA: 24859
50 DMA: 24630
200 DMA: 22700

Bank Nifty Technically:
BANK NIFTY (CMP 51272):
SUPPORT: 50369/49653
RESISTANCE: 51755/52357
RANGE: 50700-51700
BIAS: Neutral
21 DMA: 50927
50 DMA: 51402
200 DMA: 48536

*WHAT EXACTLY HAPPENED AT WALL STREET IN OVERNIGHT TRADE:*

# Wall Street traded choppy in Tuesday’s trade as investors braced for debate between presidential nominees Kamala Harris and Donald Trump.

# Anxiety also surrounded Wednesday’s key inflation update that kept sentiment in check.

# According to data from CME FedWatch tool, Markets are currently assigning a 66% chance of a 25 basis point rate cut, with 34% odds still seen for a larger 50 bps reduction.

# As for the major indexes, the Dow Jones fell 0.2% to 40,736, while the broader S&P 500 (+0.5% at 5,495) and the Nasdaq Composite (+0.8% at 17,025).

# WTI Oil futures tumbles towards the $66.10 per barrel.

# COMEX Gold consolidates near $2518 per ounce.

 

NEED TO KNOW:

# If there’s a big lesson from yesterday’s bullish ructions at Dalal Street then worries about growth and economic slowdown in the US are overblown, the economy is unlikely to fall off the cliff.

# That said, technically, confirmation of strength only above Nifty all-time-high at 25333.65 mark.

# This Wednesday morning, Nifty is likely to waver in today’s trade:

# The ‘Red Flags’ are raised by:

1) Weak overnight Wall Street cues after US banking stocks fell hard after Ally Financial said that consumers are under stress.

2) Goldman Sachs CEO too flagged a decline in trading revenue.

# That said there are two big positive catalysts:

1) WTI oil prices tumble towards $65.75 a barrel.

2) FIIs turned out to be big buyers in yesterday’s positive session to the tune of Rs 2208 cr.

# Long story short: An up-and-down session is quite likely.

# Technically, confirmation of strength only above Nifty all-time-high at 25333.65 mark.

# Investors will be looking to the release of US consumer inflation data on Wednesday, with producer-price numbers following on Thursday, to gauge how fast the Federal Reserve is set to bring down interest rates.

# Now, the two stocks which are on the front pages and catching attention:

1) Suzlon Energy is in limelight as the firm secured a 1,166 MW project in Gujarat with NTPC Green Energy Limited. This deal involves installing 370 wind turbines and is a key part of NTPC’s goal to add 60 GW of renewable energy capacity by 2032. Suzlon’s order book now stands at nearly 5 GW.

2) Tata Power too was in limelight, in yesterday’s trade, up 6.9% on reports that TP Solar Ltd, a subsidiary of Tata Power Renewable Energy Ltd (TPREL) has commenced commercial production at its 2GW solar cell line in the state-of-the-art manufacturing facility in Tirunelveli, Tamil Nadu.

# Now, here is the preferred trade on Nifty and Bank Nifty:

Nifty (25041): Buy between 24900-24950 zone. Stop at 24559. Zone. Targets 25100/25334. Aggressive targets at 25750-26000 zone.

Bank Nifty (51272): Buy between 50400-50700 zone. Stop at 50101. Targets 51500/51755. Aggressive targets at 52357-53000 zone.

# Our chart of the day is bullish on BERGER PAINTS, GODREJ CP, SYNGENE INTERNATIONAL and BRITANNIA on any intraday weakness with an interweek perspective.

# The 1 Stock to Buy Right Now:

Buy SYNGENE INTERNATIONAL (CMP 929): Buy between 900-910 zone. Stop at 871. Targets 947/973. Aggressive targets at 1001. (Intermonth Strategy). Rationale: Higher high/low. Momentum oscillators bullish.

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