14.08.23-Monday, 08.30 am 

Good Morning all...

What has happened on Friday? Nifty Index, as expected and written opened on a flat note at 19554.25, our expected opening band 19525-19500 on opening move, the Index made a day high 19557.75 thereafter; it moved down, made a day low 19412.75 and closed at 19428.30 on a negative note with intra loss 114.80 points, i.e.,-0.59%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note near 19410-19375-19335 levels; if open, trade and sustain above 19445 then, the index may test 19485-19500-19525-19555-19595-19605-19645 levels. On the other hand, the immediate support lies at 19315-19295 if, the Index moves below 19295 then, it may try to re-visit 19270-19245-19220-19190 levels.

Special Mention: On Friday, Nifty Index continued the sell-off till 19412 and closed very well below 19540 levels; today, if the Index moves above 19560-19645 levels, then it may re-test 19795-19865-20000 levels in the near term. On the other hand, the strong support lies at 19375-19295-19250 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 19410-19375-19335 levels. The intra volatility may be in high note due to today's WPI Inflation/Annual Inflation data and tomorrow's holiday factor.

Nifty Bank Index: On Friday, Nifty Bank Index, opened at 44568.15 on the opening move, it made a day high 44571.25 thereafter, it moved down, made a day low 44120.90 and closed on a negative note at 44199.10 with an intra loss 342.70 points, i.e., -0.77%, today the Nifty Bank Index must move above 44220-44295 levels; if to do so, then it may try to test 44345-44440-44520-44570-44695 levels. On the other hand, any weakness near 44220-44295 further, it moves below 44120-44045-44000 then, the Index may re-visit 43925-43850-43775-43700-43620 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 Jun'23 released on 12th Aug'23-Saturday, the data shows that, the Industrial production has moved down to 3.70% when compared to the May'23, it stood at 5.30%. 

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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