13.05.24-Monday, 08.50 am 

Good Morning all .....

What has happened on Friday? Nifty Index, as expected and written, opened on a positive note at 21990.95; our expected opening band 221975-22020; on the opening move, made a day low 21950.30; further it moved up; made a day high 22131.30 and closed on a positive note at 22055.20 with intra gain 97.70 points, i.e., 97.70%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat  to positive note near 22075-22100-22130 levels; if open, trade and sustain above 22130 then, the index may re-test 22155-22185-22200-22230-22260-22285-22310-22340-22365 levels. On the other hand, the immediate support lies at 22040-22020-21985 if, the Index moves below 21985 then, it may try to re-visit 21950-21930-21895-21860-21835-21800-21775-21750-21710 levels.

Special Mention: On Friday, Nifty Index unable to continue the down ward rally, made an inside day pattern i.e., not broken the previous trading session high or low point and closed near the support levels i.e., 22040. 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 n2ear term. Let see how the Index opens today near 22075-22100-22130 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a negative note at 47555.50; on the opening move, it made a day high 47868.70; thereafter, it moved down, made a day low 47313.35 and closed on a negative note at 47421.10 with an intra loss 66.80 points, i.e., -0.14%, today Nifty Bank Index must move and trade above 47535-47595-47650 levels; if to do so, then it may try to re-test 47705-47785-47840-47980-48055-48150-48260 evels. On the other hand, any weakness near 47535-47595-47650 further, it moves below 47445-47315 then, the Index may re-visit 47200-47160-47080-46980-46820-46650 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.2117.50 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2709.81 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 Mar'24 released on 10th May'24-Friday, the Industrial production has come down to 4.90%; when compared to the Feb'24 level, i.e.,5.60%. 

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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