Market Morning Notes For 4th September 2024
Markets oscillated in a narrow range to finally close unchanged, while broader markets remained buoyant as Nifty firmly traded above 25000 mark. From a momentum perspective, there is clearly a 3rd degree negative divergence seen in RSI, which has potential to trigger sharp decline without warning from broader markets. The levels of 24965 should be seen as a crucial support in the next few days below which, we can expect multi fold shorting in Indian markets.Stocks in Asia sank after Wall Street posted its worst day since the Aug. 5 rout, as weak US data and falling oil prices raised concerns about the health of the global economy. The US markets ended deeply in red on Tuesday with Nasdaq settling over 3 pct cut as technology names struggled. Chip stocks weighed on the market, with Nvidia dropping more than 9 pct.Nifty 50 Chart Stocks to watchPositive Read throughDefence cos – defence acquisition council approves proposals of Rs.14.5 mn.AU SFB – submits application to rbi to transition from SFB to universal bank.IEX – total Aug volume up 35.8pct, day-ahead market volume up 22.5% yoy.Havells – to expand cable manufacturing capacity at Tumakuru unit with Rs.4500 mn investment.Mankind – to transfer OTC biz on a slump sale basis to its arm mankind cons.NHPC – MOU with WRD, Maharashtra government to set up energy storage systems.Negative Read throughGIC RE – Government to sell up to 6.8 pct stake via OFS, floor price at Rs.395 per share.Financial planning platform where you can plan all your goals, cash flows, expenses management, etc., which provides you advisory on the go. Unbiased and with uttermost data security, create your Financial Planning at Rs. 2499/-Disclaimer: The views shared in blogs are based on personal opinions and do not endorse the company’s views. Investment is a subject matter of solicitation and one should consult a Financial Adviser before making any investment using the app. Making an investment using the app is the investor’s sole decision, and the company or its communication cannot be held responsible for it.
