24.08.23-Thursday, 08.30 am 

Good Morning all...

What has happened yesterday? Nifty Index, contrary to our expectation opened on a positive note at 19439.20, our expected opening band 19395-19380 on opening move, the Index made a day low 19366.60 thereafter; it moved up, made a day high 19472.05 and closed at 19444 on a positive note with intra gain 47.55 points, i.e.,0.25%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note with gap up near 19470-19500-19530 levels; if open, trade and sustain above 19530 then, the index may test 19560-19600-19620-19645-19680 levels. On the other hand, the immediate support lies at 19445-19420 if, the Index moves below 19420 then, it may try to re-visit 19390-19365-19345-19320-19300 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally till 19472.50 and closed near 19445 levels; if the Index in the near term moves and closes above 19530-19560 levels, then it may re-test 19645-19795-19865 levels. On the other hand, the strong support lies at 19345-19250 if the Index moves below 19250, then the Index may try to re-visit 19065-18885 levels in the near term. Let see how the Index opens today at 19470-19500-19530 levels. The intra volatility may be in high note due to today's weekly option expiry and tomorrow's week-end factor.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 44064.50 on the opening move, it made a day low 43952.05 thereafter, it moved up, made a day high 44521.65 and closed on a positive note at 44479.05 with an intra gain 485.80 points, i.e., 1.10%, today the Nifty Bank Index must move above 44540-44675  levels; if to do so, then it may try to test 44730-44795-44870-44945-45030 levels. On the other hand, any weakness near 44540-44675 further, it moves below 44430-44355 then, the Index may re-visit 44300-44235-44085-44020-43950 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). Next GDP data for Q1 ending Jun'23 is expected on 31st Aug'23-Thursday.

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.

DISCLAIMER:

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.

Research Analyst Disclaimer: Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.