09.05.24-Thursday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, contrary to our expectation, opened on a negative note at 22231.20; our expected opening band 22300-22335; on the opening move, made a day low 22185.20; further it moved up, made a day high 22368.65 and closed on a flat note at 22302.50 with no intra gain or loss, i.e., 0.00%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 22315-22345 levels; if open, trade and sustain above 22345 then, the index may re-test 22370-22415-22455-22490-22525-22560-22585-22615 levels. On the other hand, the immediate support lies at 22250-22225 if, the Index moves below 22225 then, it may try to re-visit 22180-22165-22135-22090-22045-22015 levels.

Special Mention: Yesterday, Nifty Index continued the down ward rally, made a low 22185.20, further it moved up till 22368.85 and closed once again just near 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 22275-22315 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 48124.20; on the opening move, it made a day low 47851.15; thereafter, it moved up, made a day high 48223.05 and closed on a negative note at 48021.10 with an intra loss 264.25 points, i.e., -0.55%, today Nifty Bank Index must move and trade above 48115-48175 levels; if to do so, then it may try to re-test 48225-48325-48350-48500-48660-48785-48910-49025 levels. On the other hand, any weakness near 48115-48175 further, it moves below 47970-47850 then, the Index may re-visit 47735-47670-47630-47525-47380-47280 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.6669.10 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.5928.81 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.

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.