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Riddhi Siddhi Share Brokers Latest after the Bell @ 4.00 PM – Tuesday, August 30th 2022.

Nifty bounces back as traders eye the buying opportunity.

# Nifty (+446, 17759).
# Sensex (+1564, 59537)

The good news is that Nifty snapped its two-day losing streak which were primarily ignited by hawkish comments from Federal Reserve Chairman Jerome Powell at the Jackson Hole economic conference last Friday.

The positive takeaway judging by Nifty’s spectacular close is that the benchmark and many a momentum stocks have reversed the pessimism course after the famous Jackson Hole sell-off.

Nifty clocked its biggest intra-day gain since May 20, surging 446 points, or 2.58%, to close at 17,759. All sectoral indices and also all the Nifty 50 stocks ended in the green.

Bank Nifty ended 3.25% higher as against Nifty’s gains of 2.58%. Nifty Reality index was star outperformer, up 3.34% Interestingly, Nifty IT index too bounced back, up 2.58%.

# Nifty’s Major Gainers: BAJAJ FINSERV (+5.42%) BAJAJ FINANCE (+4.99%) INDUSIND BANK (+4.33%)

# Adv-Dec 50 —— 0
# Nifty PCR 1.46
# BANK NIFTY PCR 1.23
# INDIA VIX 18.70 (-5.66)
# Nifty MidCap (+1.89%, 8553)
# NiftySmallC (+1.24%, 9620)
# BANK Nifty (+3.29%, 39235)
# Nifty IT (+2.5%, 28393)
# USD/INR (-0.65%, 79.43)

RIDDHI SIDDHI SHARE BROKERS OUR VIEW FOR THURSDAY’S TRADE:

# Our markets will remain closed on Wednesday, 31st August on account of Ganesh Chaturthi.

Technically speaking, all bullish eyes now will be on Nifty’s psychological 18,000 mark and then the next goalpost is at 18605 mark. Nifty line on the sand is at 17421 mark.

Amongst stocks, looking attractive on buy side are ASHOK LEYLAND, CONCOR, RELIANCE, TATA POWER, CANRA BANK and TATA STEEL with an interweek perspective.

ALL ABOUT NIFTY:
Support: 17611/17421
Resistance: 18115/18605
Range: 17601-1800
21 DMA: 17559
50 DMA: 16695
200 DMA: 16975
Trend: Positive

BULLISH LOOKING STOCKS:
# SRF
# TATA CONSUMER
# ASHOK LEYLAND

BULLISH LOOKING STOCKS (LONG TERM):
# BANK OF BARODA
# TATA STEEL
# AARTI INDUSTRIES

BEARISH LOOKING STOCKS:
# BIOCON
# GLENMARK
# LALPATH LABS

STOCKS TO AVOID:
# FSL
# MOTHERSON SUMI
# IPCA LAB


Stay Tuned.


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.