10.05.24-Friday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, contrary to our expectation, opened on a negative note at 22224.80; our expected opening band 22275-22315; on the opening move, made a day high 22307.75; further it moved down; made a day low 21932.40 and closed on a negative note at 21957.50 with intra loss 345 points, i.e., -1.55%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 21975-22020 levels; if open, trade and sustain above 22020 then, the index may re-test 22045-22075-22100-22150-22180-22210-22240-22275-22305-22320 levels. On the other hand, the immediate support lies at 21930-21895 if, the Index moves below 21895 then, it may try to re-visit 21860-21830-21795-21775-21750-21710 levels.

Special Mention: Yesterday, Nifty Index continued the down ward rally, broken our threshold support levels i.e., 22180-21980, made a low 21932.60 and closed below 21980. Today, Nifty index must continue to move, trade and closes above 22305-22370 then, it may continue the rally to re-test 22600-22795 levels. On the other hand, the immediate support seen at 21930-21775-21750, further weakness below 21750 then, the Index may try to re-visit 21710-21635 levels in the near term. Let see how the Index opens today near 22975-22020 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 47976.35; on the opening move, it made a day high 48258.65; thereafter, it moved down, made a day low 47440.65 and closed on a negative note at 47487.90 with an intra loss 533.20 points, i.e., -1.11%, today Nifty Bank Index must move and trade above 47670-47750 levels; if to do so, then it may try to re-test 47850-47890-47945-48040-48130-48220-48260-48335-48410 evels. On the other hand, any weakness near 47670-47750 further, it moves below 47440-47380 then, the Index may re-visit 47280-47190-47080-46980-46820-46650 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.6994.86 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.5642.53 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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