What has happened yesterday? Nifty Index, as expected and written, opened on a negative note at 19748.45, our expected opening band 19740-19720-19700 on opening move, the Index made a day high 19782.75 thereafter; it moved down, made a day low 19658.30 and closed at 19672.35 on a negative note with intra loss 72.65 points, i.e.,-0.37%.
What will happen today?
Nifty Index: Today, Nifty Index may open on a flat to positive note near 19680-19700-19720- levels; if open, trade and sustain above 19720 then, the index may test 19745-19775-19795-19820-19850-19895-19920-19950 levels. On the other hand, the immediate support lies at 19660-19645 if, the Index moves below 19645 then, it may try to re-visit 19625-19580-19560-19505-19470 levels.
Special Mention: Yesterday, Nifty Index continued the downward journey below 19700, made a low 19658 and closed well below 19760 levels; today, if the Index moves above 19760-19780-19820 levels, then it may test 20000-20160 levels in the near term. On the other hand, the strong support lies at 19650-19625if the Index moves below 19625, then the Index may try to re-visit 19475-19315 levels in the near term. Let see how the Index opens today at 19680-19700-19720 levels.
Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 46131.90 on the opening move, it made a day high 46191.50; thereafter, it moved down, made a day low 45858.75 and closed on a negative note at 45923.05 with an intra loss 152.15 points, i.e., -0.33%, today the Nifty Bank Index must move above 45995-46090 levels; if to do so, then it may try to test 46115-46175-46260-46370 levels. On the other hand, any weakness near 45995-46090 further, it moves below 45930-45860 then, the Index may re-visit 45770-45675-45565-45460-45430 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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