Nifty is unsure of where to go convincingly ahead of Friday’s job’s report.

Review & Preview @4PM —— Wednesday, September 4th 2024.

NIFTY (-81, 25199)
Sensex (-203, 82353)
Bank Nifty (-289, 51400)

Nifty stumbles, snaps its 14-day winning streak, hits pause on the rally to fresh records.

Blame it on the worries about growth. The latest update on US manufacturing has brought fear about a recession back to the surface while China’s services gauge also missed expectations.

# Buzzing stocks:

1) Bharti Airtel ended in green, up 0.19% after it announced that it has completed the deployment of the additional spectrum it acquired in July 2024.

2) Natco Pharma surged 1.79% at Rs 1,558 per share after the company on Wednesday announced that its wholly owned Canadian subsidiary, NATCO Pharma Inc, has made an investment of $8 million in eGenesis, Inc, a biotechnology company.

3) AU Small Finance Bank shares rose 1.86% as the bank submitted an application to the RBI to seek approval for the voluntary transition from a Small Finance Bank to a Universal Bank.

# Sentimental Overview:

Nifty received its first drubbing of the month after weak overnight Wall Street cues on backdrop of downbeat readings on the US manufacturing activity that spooked the bulls.

# Expect volatility to be the hallmark at Dalal Street and that’s in line with our call of the day which says volatility is the price longtime Nifty bulls have to pay for the benchmarks’ outsized rewards.

# Technical Overview:

Nifty’s slips after its 14-days rally in a row indicating the bulls have hit a pause button.

Technically, a bearish candle is being witnessed after a ‘doji candle’ indicating bullish consolidation shall be the preferred theme at Dalal Street in the near term.

We suspect, Nifty to flip between gains and losses with immediate hurdles seen at 25300-25500 zone.

Only above Nifty 25500, there is a bright chance of more short covering.

The line in the sand is at Nifty’s psychological support at 24900 mark.

# Outperforming Nifty Sectors:
NIFTY REALITY (+0.86%)
NIFTY PHARMA (+0.79%)
NIFTY FMCG (+0.50%)

# Underperforming Nifty Sectors:
NIFTY PSU BANKS (-1.71%)
NIFTY IT (-0.90%)
NIFTY METAL (-0.82%)
NIFTY PRIVATE BANK (-0.68%)

(Source NSSEINDIA.com)

# Bulls of the day:
ASIANPAINTS (+2.50%)
GRASIM (+1.91%)
HINDUNILVR (+1.71%)
ULTRACEMCO (+1.23%)
SUNPHARMA (+1.19%)

# Bears of the day:
WIPRO (-3.06%)
COALINDIA (-2.81%)
ONGC (-2.27%)
HINDALCO (-1.90%)
LTIM (-1.15%)
(Source NSSEINDIA.com)

Trader Premium Services

 

Investor Premium Services

 

*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.