ETMarkets Morning Podcast: Will Nifty reclaim its lifetime high today?

Market setup does not look too good this morning, and some analysts have talked about the possibility of some profit taking. NSEBSEEicher MotorsLoading data…

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    ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIES Good Morning, dear ETMarkets readers!

    We were almost at kissing distance of Nifty’s lifetime high yesterday, and that was a euphoric moment. IPOs were on a tear: one issue got fully subscribed on Day 1, and the second mopped up 4 times subscription.

    But I am not too happy to tell you that the market setup does not look too good this morning, and some analysts have talked about the possibility of some profit taking.

    The best part is, there are plenty of shorts in the system. Should the market weaken severely, these shorts will help limit the downside.

    So, here I am, Saloni Goel, your market jockey to ready you for your day on Dalal Street with all the news, views and cues.

    First of all, data just released shows the pace of China’s economic expansion unexpectedly cooled further in August after a lacklustre July, as factory output, investment and retail sales all slowed. The Shanghai Composite Index pared gains this morning, as did the Australian dollar
    Across rest of Asia, stocks slipped this morning and consolidated after touching their highest since 2007 on Wednesday. Bleak China data could spook sentiment later in the day.

    US stocks gained some bit more in overnight trade. The Dow rose 40 points, Nasdaq some 5 points while the S&P500 was flat.

    Nifty50 futures on the Singapore Stock Exchange traded lower at 10,090, indicating a flat opening for the domestic market.

    Remember, the Nifty50 formed a Spinning Top pattern on the daily chart on Wednesday, suggesting indecisiveness among market participants.

    Crude oil prices rose further late Wednesday after the International Energy Agency said the global oil surplus was starting to shrink due to good demand and an output cut from Opec.

    That’s again bad news for consumers, as domestic fuel prices have already risen significantly. The government on Wednesday said it would NOT intervene to check fuel prices. If I may remind you, OMC stocks had taken a good beating yesterday after reports that the government may ask them to absorb any further price rise. The oil minister later said there would be no knee-jerk policy change on fuel pricing. So OMC stocks should look up today.

    Among specific stock counters, have an eye on Religare as its institutional investors have moved the National Company Law Tribunal seeking an ouster of the board on the ground of mismanagement and oppression of minority shareholders.

    Watch InterGlobe Aviation, the operator of IndiGo Airlines. The company has announced a price band for the proposed qualified institutional placement at a good discount.
    SBI should be buzzing ahead of the mega IPO of SBI Life, which can bring in some Rs 5,500 crore to its coffers. Plus, news is that the country’s largest lender is also planning to list two of the 18 regional rural banks to unlock value.

    Capacite Infraprojects IPO is into its second day today. Remember, the issue saw 1.32 times subscription on Day 1 itself.

    If you are looking for more stock-specific triggers, check out over a dozen recommendations from top brokerages at www.etmarkets.com. If you need them daily, simply download our app on your phone and keep getting them on the go. We now also offer them in many other languages besides English.

    Before I go, let’s have a look at some of the interesting headlines from ETMarkets print.
    If Nifty’s inability to break past its record high on Wednesday gave you any doubts, derivative data shows the index could make a fresh attempt at a breakout soon enough.

    There is good news for market’s darling Eicher Motors. An ET analysis show Royal Enfield’s expanding local footprint should help the iconic bike-maker run its plant at full capacity in the next two financial years and allay investor concerns over moderating volumes.

    Want to buy an IPO six quarters before its sale? Well, that’s possible. For India’s super-wealthy investors, pre-IPO funds appear to be the latest favourite among money-making instruments. With minimum subscription set at eight figures for some of these bespoke options, investors can now buy shares much before an initial sale.

    Hmmmm that bit has gone over my head…
    Anyway…. that’s it from me for the day. Do enjoy your trading day and make loads and loads of money.

    But hey, don’t forget to log on to www.etmarkets.com for continuous updates on every development in the financial markets. Have a good day!

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