06.05.24-Monday, 08.50 am 

Good Morning all .....

What has happened on Friday? Nifty Index, as expected and written, opened on a positive note at 22766.35; our expected opening band 22710-22750; on the opening move, made a day high 22794.70; further it moved down, made a day low 22348.05 and closed on a negative note at 22475.85 with an intra loss 172.35 points, i.e., -0.76%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 22500-22520-22570 levels; if open, trade and sustain above 22570 then, the index may re-test 22600-22625-22660-22695-22720-22745-22270-22795 levels. On the other hand, the immediate support lies at 22450-22400 if, the Index moves below 22400 then, it may try to re-visit 22375-22350-22330-22305-22285-22255-22225-22180 levels.

Special Mention: On Friday, Nifty Index though it moved up, made a fresh all time high as 22794.70, but the intra sell-off dragged till 22348.05 and closed below our threshold support levels i.e., 22495. Today, Nifty index must continue to move, trade and closes above 22675-22795 then, it may continue the rally to test 22910-23045 levels. On the other hand, the immediate support seen at 22350-22305, further weakness below 22305 then, the Index may try to re-visit 22275-22160-21770 levels in the near term. Let see how the Index opens today near 22500-22520-22570 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a positive note at 49375.05; on the opening move, it made a day high 49607.75; thereafter, it moved down, made a day low 48659.70 and closed on a negative note at 48923.55 with an intra loss 307.50 points, i.e., -0.62%, today Nifty Bank Index must move and trade above 49000-49135-49160 levels; if to do so, then it may try to re-test 49245-49330-49405-49470-49600-49690-49760-49825-49975 levels. On the other hand, any weakness near 49000-49135-49160 further, it moves below 48880-48770 then, the Index may re-visit 48660-48590-48510-48430-48360-48265 levels.

FII's & DII's Funds Flow: On Friday, FIIs continued as a net seller, they sold on the net basis to the tune of Rs.2391.98 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.690.52 Cr. 

INDIA's Macro Data:-

On 02nd May'24, the HSBC Manufacturing PMI data for the month of Apr'24 released, it moved down to 58.80% from 59.10% (Mar'24). Likewise, the HSBC Services PMI data for the month of Mar'24 released on 04th Apr'24, it moved up to 61.20% from 60.60% (Feb'24).

The RBI MPC meet held on 05th Apr'24-Friday, the MPC maintained status quo in the Repo rate without changing the interest rate i.e., 6.50%. 

GDP data for the Q3 ending Dec'23 released on 29th Feb'24-Thursday, the GDP has moved up to 8.40% Vs.7.60% (Q2-Sep'23).

IIP data for Feb'24 released on 12th Apr'24-Friday, the Industrial production has moved up to 5.70%; when compared to the Jan'24 level, i.e.,3.80%. 

Annual Inflation data for Mar'24 released on 12th Apr'24-Friday, the inflation has come down to 4.85% from Feb'24 level i.e., 5.09%.

WPI Inflation data for the month of Mar'24 released on 15th Apr'24-Thursday, it has gone up to 0.53% as against the Feb'24 level i.e.,0.20%.

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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