Today’s Market News :
GIFTNIFTY indicates a small gap-up opening, showcasing a clear-cut upside movement, contrary to Nifty’s performance. This surge is attributed to Bank Nifty’s expiry yesterday, which triggered a continuous upward trend, hitting all seller stop-losses. The question remains whether any sellers are left to place their stop-losses at 53000 or if the market aims to shift our psychology. We will discern this at the opening.
Key points to note:
Small gap-up opening in GIFTNIFTY
– Upside movement contrary to Nifty
Bank Nifty’s expiry yesterday drove the surge
– Continuous upward trend hit seller stop-losses
Uncertainty about seller positioning at 53000
Market psychology shift possible
Major Levels of Nifty/Banknifty for 19 Sep 24:
#NIFTY50 LTP: 25377 – A Muted opening might be today.
Resistances: 25425 & 25470
Supports: 25280 & 25200
#NIFTYBANK LTP: 52750
Resistances: 53000 & 53385
Supports: 52485 & 52375
The Federal Reserve is expected to lower interest rates this week, with economists predicting a quarter-point cut and investors seeing better-than-even odds of a half-point adjustment.
* The decision will be announced on Wednesday, followed by Fed Chair Jerome Powell’s press conference.
* The Fed will release its Summary of Economic Projections, which will include projections for 2024 through 2027 and may signal three quarter-point cuts this year.
The Indian stock market is experiencing a slight downturn today, with the Sensex dropping 131.43 points or 0.16% to settle at 82,948.23, and the Nifty 50 falling 41 points or 0.16% to 25,377.55
Global Market Trends
Globally, the US stocks climbed, and the dollar dropped after the Federal Reserve’s decision to cut interest rates by 50 basis points in a pre-emptive strike against economic slowdown ¹. The US Fed’s rate cut has led to a risk-on sentiment for foreign investors, with valuation and earnings expected to drive FII sentiment towards India.
Key Stocks to Watch
Some key stocks to watch today include:
– IREDA, NTPC, GE T&D India, Lodha, Ion Exchange, Power Grid, and Nazara
– Ola Electric, up 10% after Goldman Sachs and BofA’s ‘buy’ calls
– Tata Motors, trading higher after its electric vehicle sales surge
– Suzlon Energy, expected to benefit from the growing demand for renewable energy
– Reliance, continues to be a major player in the Indian market
– Varun Beverages, seeing growth in its beverage business
Economic Updates
India has become the largest MSCI EM market, overtaking China, with Morgan Stanley remaining bullish. The country’s nominal GDP growth rate is running in the low teens, three times that of China. Wholesale inflation has fallen below 2% for the first time in four months in August.
