11.08.23-Friday, 08.30 am 

Good Morning all...

What has happened yesterday? Nifty Index, as expected and written opened on a negative note at 19605.55, our expected opening band 19590-19570-19545 on opening move, the Index made a day high 19623.60 thereafter; it moved down, made a day low 19495.40 and closed at 19543.10 on a negative note with intra loss 89.45 points, i.e.,-0.46%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 19525-19500 levels; if open, trade and sustain above 19525 then, the index may test 19560-19585-19605-19625-19660-19685-19740 levels. On the other hand, the immediate support lies at 19495-19465 if, the Index moves below 19465 then, it may try to re-visit 19435-19405-19375-19335-19305-19290 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally beyond 19645, it made an inside day pattern i.e., not broken the previous day high or low point and closed just near 19540 levels; today, if the Index moves above 19645-19690 levels, then it may re-test 19795-19865-20000 levels in the near term. On the other hand, the strong support lies at 19425-19295-19250 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 19525-19500 levels. The intra volatility may be in high note due to today's week-end factor.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 44797.65 on the opening move, it made a day high 44980.35 thereafter, it moved down, made a day low 44418.40 and closed on a negative note at 44541.80 with an intra loss 338.90 points, i.e., -0.76%, today the Nifty Bank Index must move above 44595-44645 levels; if to do so, then it may try to test 44700-44760-44815-44860-44915-44980-45055 levels. On the other hand, any weakness near 44595-44645 further, it moves below 44485-44420 then, the Index may re-visit 44340-44280-44170-44060-43935-43825 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 10th Aug'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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