The New Normal for benchmark Nifty: Unchartered Territory!

*Review & Preview @4PM —— Thursday, August 29th 2024*

NIFTY (+100, 25152)
Sensex (+349, 82135)
Bank Nifty (+9, 51153)

# Nifty hits fresh historic high at 25192.90 as Tata Motors, Bajaj Twins lead from front. Reliance gains 1.55% as CMD Mukesh Ambani goes big on AI.

# Nifty’s string of gains continues for the 11th straight day.

# Sentimental Overview:
Reliance was in limelight after Mukesh Ambani unveiled new AI-led road-ahead for Reliance Industries.

RIL to Consider 1:1 Bonus Issue in Board Meeting on September 5

Reliance to build India’s first world-class integrated Carbon Fibre plant at Hazira, which will rank among the top three units globally.

# Technical Overview:
Nifty’s 11-days rally in a row is inspiring FOMO attraction at Dalal Street and most importantly, the street is actually hoping for more fireworks on September 18th FOMC meet.

The biggest positive catalyst: The long-awaited Federal Reserve rate cuts to finally begin from September 18th.

Technically, Nifty is seen in top gear on backdrop of bullish candles on daily charts with next major hurdles at its psychological 25500 mark.

Above Nifty 25500, there is a bright chance of more short covering and probably even the most aggressive bulls rushing 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 24900 mark.

# Outperforming Nifty Sectors:
NIFTY Oil & Gas (+0.94%)
NIFTY FMCG (+0.72%)
Nifty AUTO (+0.54%)

# Underperforming Nifty Sectors:
NIFTY METAL (-0.48%)
NIFTY PHARMA (-0.48%)
NIFTY MEDIA (-0.31%)
(Source NSSEINDIA.com)

# Buzzing stocks:
1) TCS informed that it has extended its partnership with Primark for the next five years to transform Primark’s technology operations to support the retailer’s ambitious plans for global growth.
(Source: Business Standard)
2) Sonata Software jumped 5.61% after the company announced that it has received a large multi-year, multi-million-dollar IT outsourcing contract from a US-based healthcare and wellness company.
(Source: Business Standard)
3) Genus Power Infrastructure was hit an upper circuit of 5% after the company’s wholly owned subsidiary has received three orders worth Rs 4,469.04 crore for the appointment of advanced metering infrastructure services providers. The company’s total order book stood at Rs 32,500 crore.
(Source: Capitalmarket)

# Bulls of the day:
TATAMOTORS (+3.57%)
BAJAJ FINSERV (+2.61%)
BRITANNIA (+2.45%)
BAJFINANCE (+2.42%)
BPCL (+2.40%)

# Bears of the day:
GRASIM (-1.50%)
M&M (-1.25%)
JSWSTEEL (-1.16%)
EICHERMOT (-0.89%)
KOTAKBANK (-0.75%)
(Source NSSEINDIA.com)

# Adv-Dec 28—22
# INDIA VIX 13.78 (-1.22%)
# NIFTY PCR (26th Sep) 1.53
# Nifty MidCap 50 (-0.43%, 16515)
# NiftySmallC (-0.54%, 19215)
# BANK Nifty (+0.17%, 51153)
# Nifty IT (+0.34%, 42537)
# USD/INR (-0.12%, 83.94)

Trader 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.