What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 19831.70, our expected opening band 19850-19830-19815 on opening move, the Index made a day low 19758.40 thereafter; it moved up, made a day high 19991.85 and closed at 19979.15 on a positive note with intra gain 146 points, i.e.,0.74%.
What will happen today?
Nifty Index: Today, Nifty Index may open on a flat to negative note near 19940-19900 levels; if open, trade and sustain above 19940 then, the index may test 19965-19999-20020-20040-20055 levels. On the other hand, the immediate support lies at 19875-19850 if, the Index moves below 19850 then, it may try to re-visit 19815-19785-19760-19730-19695 levels.
Special Mention: Yesterday, Nifty Index continued the northward journey, made a new high near 20k i.e., 19991.85 and closed above 19855 levels; today, the Index moves above 20000-20040 levels, then it may test 20055-20160 levels in the near term. On the other hand, the strong support lies at 19790-19525,if the Index moves below 19525, then the Index may try to re-visit 19450-19305 levels in the near term. Let see how the Index opens today at 19940-19900 levels. Today, the intra volatility may be in high note due to week-end factor and Nifty Index trading near 20k, profit booking sell-off is possible at any time, trading with due caution is my advice in this juncture.
Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 45689.05 on the opening move, it made a day low 45640.95; thereafter, it moved up, made a day high 46256.20 and closed on a positive note at 46186.90 with an intra gain 517.90 points, i.e., 1.13%, today the Nifty Bank Index must move above 46185-46255 levels; if to do so, then it may try to test 46330-46420-46550-46760 levels. On the other hand, any weakness near 46185-46255 further, it moves below 46125-46075 then, the Index may re-visit 46015-45980-45895-45785-45710-45640 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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