07.05.24-Tuesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 22561.60; our expected opening band 22520-22570; on the opening move, made a day high 22588.80; further it moved down, made a day low 22412.30 and closed on a negative note at 22442.70 with an intra loss 33.15 points, i.e., -0.15%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 22485-22535 levels; if open, trade and sustain above 22535 then, the index may re-test 22550-22585-22625-22660-22695-22720-22745 levels. On the other hand, the immediate support lies at 22410-22380 if, the Index moves below 22380 then, it may try to re-visit 22350-22330-22305-22285-22255-22225-22180 levels.

Special Mention: Yesterday, Nifty Index unable to continue the upward move, made an inside day pattern i.e., not broken the previous day high and low point 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 22485-22535 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 49174.55; on the opening move, it made a day high 49252.65; thereafter, it moved down, made a day low 48784 and closed on a negative note at 48895.30 with an intra loss 28.25 points, i.e., -0.06%, today Nifty Bank Index must move and trade above 49010-49125 levels; if to do so, then it may try to re-test 49250-49370-49405-49470-49600-49690-49760-49825-49975 levels. On the other hand, any weakness near 49010-49125 further, it moves below 48820-48770 then, the Index may re-visit 48700-48660-48590-48510-48430-48360-48265 levels.

FII's & DII's Funds Flow: Yesterday, FIIs continued as a net seller, they sold on the net basis to the tune of Rs.2168.75 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.781.39 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 Apr'24 released on 06th May'24, it moved down to 60.80% from 61.20% (Mar'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.

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.

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