03.08.23-Thursday, 08.30 am 

Good Morning all...

What has happened yesterday? Nifty Index, as expected and written, opened on a negative note at 19655.40, our expected opening band 19725-19705-19680 on opening move, the Index made a day high 19678.25 thereafter; it moved down, made a day low 19423.55 and closed at 19526.55 on a negative note with intra loss 207 points, i.e.,-1.05%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 19510-19480-19450 levels; if open, trade and sustain above 19510 then, the index may test 19545-19575-19600-19620-19650-19675-19715-19745 levels. On the other hand, the immediate support lies at 19450-19425 if, the Index moves below 19425 then, it may try to re-visit 19395-19355-19330-19305-19280-19255 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally beyond 19700, the intra sell-off dragged the Index till 19423 and closed well below 19700 levels; today, if the Index moves above 19700-19795 levels, then it may test 19865-20000 levels in the near term. On the other hand, the strong support lies at 19485-19425 if the Index moves below 19425, then the Index may try to re-visit 19305-19250-19000 levels in the near term. Let see how the Index opens today at 19510-19480-19450 levels. Today, the intra volatility may be in high note due to weekly option expiry, trade with due caution in short side.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 45234.65 on the opening move, it made a day high 45404.90; thereafter, it moved down, made a day low 44720.90 and closed on a negative note at 44995.70 with an intra loss 596.80 points, i.e., -1.31%, today the Nifty Bank Index must move above 45085-45150 levels; if to do so, then it may try to test 45205-45260-45325-45405-45495-45590 levels. On the other hand, any weakness near 45085-45150 further, it moves below 44880-44800 then, the Index may re-visit 44720-44640-44550-44500-44325-44150 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.

DISCLAIMER:

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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