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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*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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