21.08.23-Monday, 08.30 am 

Good Morning all...

What has happened on Friday? Nifty Index, as expected and written opened on a negative note at 19301.75, our expected opening band 19340-19325-19295 on opening move, the Index made a day low 19253.60 thereafter; it moved up, made a day high 19373.80 and closed at 19310.15 on a negative note with intra loss 55.10 points, i.e.,-0.28%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 19310-19280 levels; if open, trade and sustain above 19310 then, the index may test 19340-19350-19375-19405-19450-19495 levels. On the other hand, the immediate support lies at 19275-19250 if, the Index moves below 19250 then, it may try to re-visit 19220-19200-19150-19110-19080 levels.

Special Mention: On Friday, Nifty Index seems to taken support the threshold support i.e., 19250 and closed above 19300 levels; if the Index in the near term moves and closes above 19345-19465 levels, then it may re-test 19645-19795-19865-20000 levels. 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 19310-19280 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index, opened at 43724.75 on the opening move, it made a day high 43957.65 thereafter, it moved down, made a day low 43672.45 and closed on a negative note at 43851.05 with an intra loss 40.30 points, i.e., -0.09%, today the Nifty Bank Index must move above 43875-43935 levels; if to do so, then it may try to test 43955-44035-44070-44160-44215-44360-44445 levels. On the other hand, any weakness near 43875-43935 further, it moves below 43815-43740 then, the Index may re-visit 43670-43600-43545-43490-43435-43345 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 Jul'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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