GIFT Nifty 🇮🇳: (+94, 25360)
In yesterday’s trade, Nifty was unsure of where to go next ahead of Friday’s job’s report.
But this Thursday morning, there are two good news:
1) WTI oil prices have tumbled below $70 a barrel, the lowest in eight months as muted demand magnified the impact of relatively ample supply.
2) In yesterday’s negative session, the FIIs bought again to the tune of Rs. 975.46 crores.
Investors will now brace for August US jobs report which will be released on Friday, September 6.
Until Friday’s US NFP is wired, the benchmark Nifty is likely to trade in the green on investors’ hope that the Federal Reserve will be successful in piloting the economy to a soft landing.
That brings us to our call of the day which suggests for markets to bounce, Nifty and Sensex need to move above their new historic all-time-highs which are placed at 25333.65 and 82725.28 respectively.
Technically, confirmation of strength only above Nifty 25334 mark.
Now, here is the preferred trade on Nifty and Bank Nifty:
Nifty (25199): Buy at CMP. Stop at 24789. Zone. Targets 25350/25551. Aggressive targets at 25900-26100 zone.
Bank Nifty (51400): Buy at CMP. Stop at 50651. Targets 51750/52000. Aggressive targets at 52500-53000 zone.
Our chart of the day is bullish on BIOCON, HPCL and GRASIM on any intraday weakness with an interweek perspective.
The 1 Stock to Buy Right Now:
Buy BIOCON (CMP 379): Buy at CMP. Stop at 359. Targets 395/413. Aggressive targets at 421. (Interweek Strategy). Rationale: Signaling a massive upside consolidation breakout. Momentum oscillators bullish.
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