04.08.23-Friday, 08.30 am 

Good Morning all...

What has happened yesterday? Nifty Index, as expected and written, opened on a negative note at 19463.75, our expected opening band 19510-19480-19450 on opening move, the Index made a day high 19537.65 thereafter; it moved down, made a day low 19296.45 and closed at 19381.65 on a negative note with intra loss 144.90 points, i.e.,-0.74%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 19385-19405-19420 levels; if open, trade and sustain above 19420 then, the index may test 19445-19465-19495-19510-19535-19570-19605 levels. On the other hand, the immediate support lies at 19355-19305 if, the Index moves below 19305 then, it may try to re-visit 19280-19255-19230-19200-19170-19140 levels.

Special Mention: Yesterday, Nifty Index continued the sell-off till our important support levels i.e,19305, made a low 19296 and closed well above 19305 levels; today, if the Index moves above 19465-19600 levels, then it may re-test 19795-19865-20000 levels in the near term. On the other hand, the strong support lies at 19295-19250 if the Index moves below 19250, then the Index may try to re-visit 19000-18885 levels in the near term. Let see how the Index opens today at 19380-19405-19420 levels. Today, the intra volatility may be in high note due to week-end factor.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 44862.85 on the opening move, it made a day high 45038.45; thereafter, it moved down, made a day low 44279.40 and closed on a negative note at 44513.45 with an intra loss 482.25 points, i.e., -1.07%, today the Nifty Bank Index must move above 44540-44615 levels; if to do so, then it may try to test 44700-44750-44815-44890-45035-45120-45240 levels. On the other hand, any weakness near 44540-44615 further, it moves below 44460-44370 then, the Index may re-visit 44280-44150-44075-720-44640-44550-44500-44325-44150-44060-43940-43825 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 Jul'23 released on 02rd Aug'23, it  moved up to 62.30% from 58.50% (Jun'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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