19.07.23-Wednesday, 08.30 am 

Good Morning all...

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 19787.50, our expected opening band 19730-19750 on opening move, the Index made a day high 19819.45 thereafter; it moved down, made a day low 19690.20 and closed at 19749.25 on a positive note with intra gain 37.80 points, i.e.,0.19%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 19755-19780 levels; if open, trade and sustain above 19780 then, the index may test 19800-19820-19855-19885-19915 levels. On the other hand, the immediate support lies at 19715-19690 if, the Index moves below 19690 then, it may try to re-visit 19660-19625-19595-19560 levels.

Special Mention: Yesterday, Nifty Index continued the northward journey, made a new high till 19819.45 and closed above 19730 evels; today, the Index moves above 19780-19820 levels, then it may test 19855-19915-20000 levels in the near term. On the other hand, the strong support lies at 19660-19450, if the Index moves below 19450, then the Index may try to re-visit 19300-19200 levels in the near term. Let see how the Index opens today at 19755-19780 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 45754.80 on the opening move, it made a day high 45905.85; thereafter, it moved down, made a day low 45280.30 and closed on a negative note at 45410.85 with an intra loss 38.90 points, i.e., -0.09%, today the Nifty Bank Index must move above 45430-45580 levels; if to do so, then it may try to test 45665-45720-45770-45835-45905 levels. On the other hand, any weakness near 45430-45580 further, it moves below 45355-45280 then, the Index may re-visit 45225-45110-45085-44960-44870 levels.

INDIA's Macro Data:

On 03rd Jul'23, the S&P Global Manufacturing PMI data for the month of Jun'23 released, it moved down to 57.80% from 58.70% (May'23). Likewise, the S&P Global Services PMI data for the month of Jun'23 released on 05th Jul'23, it marginally moved down to 58.50% from 61.20% (May'23).

The RBI MPC meet held on 08th Jun'23-Thursday,  the MPC maintained status quo in the Repo rate without changing the interest rate i.e., 6.50%.

GDP data for the Q4 ending Mar'23 released on 31st May'23-Wednesday, the GDP moved to 6.10% Vs.4.50% (Q3-Dec'22).

IIP data for May'23 released on 12th Jul'23-Wednesday, the data shows that, the Industrial production has moved up to 5.20% when compared to the Apr'23, it stood at 4.20%. 

Annual Inflation data for Jun'23 releasd on 12th Jul'23-Wednesday, it shows that the Inflation has gone up to 4.81% from May'23 level i.e., 4.31%.

WPI Inflation data for the month of Jun'23 released on 14th Jun'23-F riday, it has further come down to -4.12% as against the May'23 level i.e.,-3.48%.

Wishing you for a safe, secured and profitable trading.

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The writing in the above daily market update should only be construed as guidance. I assert that any business or investment decisions should not be based purely on the information presented in the daily market update. As a Research Analyst, I will not be responsible for any losses incurred by a visitor/investor/client, as a result of decisions made based on any information given in the daily market update.

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