08.08.23-Tuesday, 08.30 am 

Good Morning all...

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 19576.85, our expected opening band 19540-19565 on opening move, the Index made a day low 19524.80 thereafter; it moved up, made a day high 19620.45 and closed at 19597.30 on a positive note with intra gain 80.30 points, i.e.,0.41%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 19595-19570 levels; if open, trade and sustain above 19595 then, the index may test 19620-19650-19685-19715-19740-19795 levels. On the other hand, the immediate support lies at 19550-19525 if, the Index moves below 19525 then, it may try to re-visit 19500-19460-19435-19405-19375-19335 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally once again till 19620 and closed well above 19540 levels; today, if the Index moves above 19645-19680 levels, then it may re-test 19795-19865-20000 levels in the near term. On the other hand, the strong support lies at 19435-19295-19250 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 19595-19570 levels. This week, the intra volatility may be in high note due to RBI MPC meet.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 44993.70 on the opening move, it made a day low 44773.85; thereafter, it moved up, made a day high 45011.35 and closed on a negative note at 44837.50 with an intra loss 42 points, i.e., -0.09%, today the Nifty Bank Index must move above 44920-45010 levels; if to do so, then it may try to test 45075-45120-45210-45280-45345-45460-45535 levels. On the other hand, any weakness near 44920-45010 further, it moves below 44795-44700 then, the Index may re-visit 44695-44610-44520-44475-44380-44280 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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