24.07.23-Monday, 08.30 am 

Good Morning all...

What has happened on Friday? Nifty Index, as expected and written, opened on a  negative note at 19800.45, our expected opening band 19940-19900 on opening move, the Index made a day high 19887.40 thereafter; it moved down, made a day low 19700 and closed at 19745 on a negative note with intra loss 234.15 points, i.e.,-1.17%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 19740-19720-19700 levels; if open, trade and sustain above 19740 then, the index may test 19770-19820-19845-19880-19885-19905 levels. On the other hand, the immediate support lies at 19690-19670 if, the Index moves below 19670 then, it may try to re-visit 19630-19595-19560-19525-19510-19470 levels.

Special Mention: On Friday, Nifty Index unable to continue the northward journey above 19900, made a high 19887, further the profit booking cum sell-off dragged the index till 19700 and closed below 19760 levels; today, if the Index moves above 19850-19905 levels, then it may test 20000-20160 levels in the near term. On the other hand, the strong support lies at 19700-19630, if the Index moves below 19630, then the Index may try to re-visit 19475-19315 levels in the near term. Let see how the Index opens today at 19740-19720-19700 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index, opened at 46063.95 on the opening move, it made a day high 46369.50; thereafter, it moved down, made a day low 45925.90 and closed on a negative note at 46075.20 with an intra loss 111.70 points, i.e., -0.24%, today the Nifty Bank Index must move above 46145-46265 levels; if to do so, then it may try to test 46320-46370-46490 levels. On the other hand, any weakness near 46145-46265 further, it moves below 46030-45925 then, the Index may re-visit 45810-45725-45640-45550-45460 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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