16.08.23-Wednesday, 08.30 am 

Good Morning all...

What has happened on Monday? Nifty Index, as expected and written opened on a negative note at 19383.95, our expected opening band 19410-19375-19335 on opening move, the Index made a day low 19257.90 thereafter; it moved up, made a day high 19465.85 and closed at 19434.55 on a positive note with intra gain 6.25 points, i.e.,0.03%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note near 19405-19360 levels; if open, trade and sustain above 19405 then, the index may test 19435-19465-19495-19520-19565-19600 levels. On the other hand, the immediate support lies at 19340-19300 if, the Index moves below 19300 then, it may try to re-visit 19275-19250-19225-19190-19150 levels.

Special Mention: On Monday, Nifty Index continued the sell-off till 19297.50 and closed well above 19410 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 19250-19200 if the Index moves below 19200, then the Index may try to re-visit 19065-18885 levels in the near term. Let see how the Index opens today at 19405-19360 levels. 

Nifty Bank Index: On Monday, Nifty Bank Index, opened at 44066.60 on the opening move, it made a day low 43776.90 thereafter, it moved up, made a day high 44212.75 and closed on a negative note at 44090.95 with an intra loss 108.15 points, i.e., -0.24%, today the Nifty Bank Index must move above 44085-44165 levels; if to do so, then it may try to test 44210-44330-44440-44525 levels. On the other hand, any weakness near 44085-44165 further, it moves below 43995-43880-43775 then, the Index may re-visit 43660-43620-43570-43500-43435-43345 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 Jul'23 releasd on 14th Aug'23-Monday, it shows that the Inflation has gone up to 7.44% from Jun'23 level i.e., 4.87%.

WPI Inflation data for the month of Juln'23 released on 14th Aug'23-Monday, it has further moved up to -1.36% as against the Jun'23 level i.e.,-4.12%.

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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