14.05.24-Tuesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, contrary to our expectation, opened on a negative note at 22027.95; our expected opening band 22075-22100-22130; on the opening move, made a day low 21821.05; further it moved up; made a day high 22131.65 and closed on a positive note at 22104.05 with intra gain 48.85 points, i.e., 0.22%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 22130-22100-22070 levels; if open, trade and sustain above 22130 then, the index may re-test 22160-22190-22215-22250-22275-22305-22335-22365 levels. On the other hand, the immediate support lies at 22040-22015 if, the Index moves below 22015 then, it may try to re-visit 21975-21935-21895-21855-21820-21775-21750-21710 levels.

Special Mention: Yesterday, Nifty Index though it continued the down ward rally, made a low 21821.05, the intra pull back lifted the index till 22131.65 and closed above the support levels i.e., 22040. Today, Nifty index must continue to move, trade and closes above 22200-22370 then, it may continue the pull back 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 22130-22100-22070 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 47389.80; on the opening move, it made a day low  46983.25; thereafter, it moved up, made a day high 47841.60 and closed on a positive note at 47754 with an intra gain 333 points, i.e., 0.70%, today Nifty Bank Index must move and trade above 47840-47885 levels; if to do so, then it may try to re-test 47965-48075-48110-48185-48260-48305-48395-48480 evels. On the other hand, any weakness near 47840-47855 further, it moves below 47660-47590 then, the Index may re-visit 47515-47410-47315-47180-47085-46985-46855-46725-46580 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.4498.92 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.3562.75 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 Apr'24 released on 13th May'24-Monday, the inflation has come down to 4.83% from Mar'24 level i.e., 4.85%.

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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