02.08.23-Wednesday, 08.30 am 

Good Morning all...

What has happened yesterday? Nifty Index, as expected and written, opened on a flat to positive note at 19784, our expected opening band 19770-19795-19820 on opening move, the Index made a day high 19795.60 thereafter; it moved down, made a day low 19704.60 and closed at 19733.55 on a negative note with intra loss 20.25 points, i.e.,-0.10%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 19725-19705-19680 levels; if open, trade and sustain above 19725 then, the index may test 19740-19765-19795-19820-19845-19865-19900 levels. On the other hand, the immediate support lies at 19680-19655 if, the Index moves below 19655 then, it may try to re-visit 19640-19615-19590-19565 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally, made a high 19795.60 and closed above 19720 levels; today, if the Index moves above 19820-19865 levels, then it may test 20000-20160 levels in the near term. On the other hand, the strong support lies at 19600-19565 if the Index moves below 19565, then the Index may try to re-visit 19475-19315 levels in the near term. Let see how the Index opens today at 19725-19705-19680 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 45740 on the opening move, it made a day high 45782.75; thereafter, it moved down, made a day low 45471.05 and closed on a negative note at 45592.50 with an intra loss 58.60 points, i.e., -0.13%, today the Nifty Bank Index must move above 45640-45690 levels; if to do so, then it may try to test 45745-45785-45865-45935-46035-46125-46185 levels. On the other hand, any weakness near 45640-45690 further, it moves below 45545-45470 then, the Index may re-visit 45385-45300-45240-45240-45100 levels.

INDIA's Macro Data:

On 01st Aug'23, the S&P Global Manufacturing PMI data for the month of Jul'23 released, it moved down marginally to 57.70% from 57.80% (Jun'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%. Next RBI MPC meet will be held on 10th Aug'23-Thursday, it may maintain status quo on the Repo rate.

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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