Good Morning & Welcome to Wednesday’s trading action at Dalal
Street dated 29th of September 2021.
A perfect storm is brewing and that’s in line with our call of the day which
suggests investors’ may come under stress amidst:
1. Negative cues from Wall Street.
2. Soaring oil prices.
3. Power outages witnessed in China threatening to slow down global
economic growth.
4. Powell admits inflation may last longer.
5. The street suspects that the Fed could announce a sooner-thanexpected rate.
6. The benchmark 10-year Treasury yields rallied to the highest levels in
three-months at 1.55%, as Fed officials noted that they see tapering
close.
7. US Consumer Confidence missed with 109.3 points.
8. Overbought technical conditions.
Well, whatever may be the catalysts; technically, Nifty now has to sustain over
17557 levels. Else, expect waterfall of selling below Nifty 17557 mark with
downside risk at 17327 mark and then aggressive targets at 17011 mark.
The preferred trades:
# Nifty (17749): Sell at CMP. Stop 18057. Targets 17557/18327.
Aggressive targets at 17011 mark.
# Bank Nifty (37945): Sell at CMP. Stop 38511. Targets 37011/36211.
Aggressive targets at 35347.
TOP SECTORS:
# Bullish View: ENERGY
# Bearish view: PSU BANKS, METALS
STOCKS IN FOCUS:
# BEARISH VIEW: #CHOLAMANDALAM FINANCE #BHARAT FORGE
#EICHER MOTORS #CADILA HEALTHCARE #M&M FINANCIAL
# INDIGO #APOLLO TYRES