Stock Market News: S&P 500, Nasdaq Record New Highs as Market Awaits Powell’s Comments

Stock Market News– US stocks saw gains on Monday, kicking off a potentially pivotal week that could provide crucial signals regarding the near-term trajectory of interest rates. The S&P 500 (^GSPC) experienced a modest rise of 0.1%, while the tech-heavy Nasdaq Composite (^IXIC) climbed by 0.3%. Both indexes managed to set fresh records. In contrast, the Dow Jones Industrial Average (^DJI), after initially gaining earlier in the session, slipped by 0.1%.

These movements followed last Friday’s record highs for the S&P and Nasdaq, which were buoyed by a jobs report indicating a continued cooling in the labor market. This data spurred speculation about a potential interest rate cut by the Federal Reserve in September. According to the CME FedWatch tool, approximately 75% of traders are now anticipating a rate cut next month.

Several key events this week could further reinforce this rate-cut speculation. On Tuesday and Wednesday, Fed Chair Jerome Powell is scheduled to testify before Congress in his semiannual address, where his comments will be closely scrutinized for any hints about future monetary policy. Additionally, the latest Consumer Price Index (CPI) data is set to be released on Thursday. Economists are predicting that headline inflation will have risen by 3.1% over the past year, matching the lows seen at the beginning of the year.

Meanwhile, Tesla (TSLA) had an interesting day in the market. The electric vehicle giant’s stock initially faced some losses but managed to recover and turn positive, marking its ninth consecutive day of gains. Tesla’s stock ultimately closed up by 0.5%, continuing its impressive upward trend.

Sumeet Bagadia’s Stock Picks for Today

1. National Aluminium Company (NALCO)
   • Buy at: ₹206.30
   • Target: ₹222
   • Stop Loss: ₹198
   NALCO is currently trading at ₹206.31, and it has recently shown signs of a potential breakout on the daily chart. This breakout is supported by a significant increase in trading volume, suggesting strong investor interest. If NALCO’s price manages to close above ₹208, it could reach a short-term target of ₹222. Immediate support levels are around ₹200, presenting opportunities to buy on dips if the price temporarily retreats.
2. Zuari Industries
   • Buy at: ₹413
   • Target: ₹435
   • Stop Loss: ₹399
   Zuari Industries has seen a notable shift in market dynamics, moving from a phase of minor declines and sideways consolidation to a promising upward bounce. This breakout is characterized by strong bullish momentum and increased trading volume. The recent positive trend indicates a potential rise to the target price of ₹435, making it an attractive buy at the current level.

Ganesh Dongre’s Stock Picks

3. Bajaj Auto
   • Buy at: ₹9530
   • Target: ₹9800
   • Stop Loss: ₹9400
   Bajaj Auto has displayed a bullish reversal pattern in its recent short-term trend analysis. This technical pattern suggests that the stock’s price could retrace temporarily to around ₹9800. With a current market price of ₹9530 and a crucial support level at ₹9400, this stock presents a buying opportunity. Investors could consider purchasing Bajaj Auto at its current price, anticipating a rise towards the target of ₹9800.
4. Ashok Leyland
   • Buy at: ₹226
   • Target: ₹235
   • Stop Loss: ₹222
   Ashok Leyland has shown a breakout at the ₹226 price level on its daily chart, indicating a potential upward trend. The Relative Strength Index (RSI) is also turning up, signaling increasing buying momentum. Given these technical indicators, traders might consider buying on dips and entering the stock at a lower price point. A stop loss of ₹222 is recommended to manage risk, with a target price of ₹235 suggesting potential gains as the stock continues its upward trajectory.
5. Bank of Baroda
   • Buy at: ₹262
   • Target: ₹272
   • Stop Loss: ₹255
   Bank of Baroda has formed a bullish engulfing pattern on its daily chart, indicating potential upward movement. This technical pattern is considered bullish and suggests that the stock may experience a price rise. With a current market price of ₹262 and a stop loss set at ₹255, traders might consider buying this stock, aiming for a target price of ₹272. This setup provides an opportunity for gains as the stock demonstrates bullish behavior.

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