08.05.24-Wednesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 22489.75; our expected opening band 22485-22535; on the opening move, made a day high 22499.05; further it moved down, made a day low 22232.05 and closed on a negative note at 22302.50 with an intra loss 140.20 points, i.e., -0.62%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 22300-22335 levels; if open, trade and sustain above 22335 then, the index may re-test 22370-22410-22450-22485-22500-22535-22560-22585-22630 levels. On the other hand, the immediate support lies at 22265-22230 if, the Index moves below 22230 then, it may try to re-visit 22200-22180-22165-22130-22090-22045-22015 levels.

Special Mention: Yesterday, Nifty Index continued the down ward rally, made a low 22232.05 and closed below our threshold support levels i.e., 22305. Today, Nifty index must continue to move, trade and closes above 22500-22630 then, it may continue the rally to test 22795-22910-23045 levels. On the other hand, the immediate support seen at 22180-21960, further weakness below 21960 then, the Index may try to re-visit 21770-21710 levels in the near term. Let see how the Index opens today near 22300-22335 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 48965.05; on the opening move, it made a day high 49023.50; thereafter, it moved down, made a day low 48213.75 and closed on a negative note at 48285.35 with an intra loss 609.05 points, i.e., -1.25%, today Nifty Bank Index must move and trade above 48310-48455 levels; if to do so, then it may try to re-test 48525-48570-48630-48755-48885-48930-49025 levels. On the other hand, any weakness near 48310-48455 further, it moves below 48215-48100 then, the Index may re-visit 48000-47735-47700-47525-47345 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.3668.84 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2304.50 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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