17.05.24-Friday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 22319.20; our expected opening band 22255-22305; on the opening move, made a day low 22054.55; further it moved up; made a day high 22432.25 and closed on a positive note at 22403.85 with intra gain 203.30 points, i.e., 0.92%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 22405-22420-22465 levels; if open, trade and sustain above 22465 then, the index may re-test 22485-22505-22540-22585-22620 levels. On the other hand, the immediate support lies at 22360-22320 if, the Index moves below 22320 then, it may try to re-visit 22300-22255-22225-22195-22150-22130-22105-22080-22055 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally, made a high 22432.25 and closed above the support levels i.e., 22310. Today, Nifty index must continue to move, trade and closes above 22465-22510 then, it may continue the pull back rally to re-test 22600-22795 levels. On the other hand, the immediate support seen at 22190-22050, further weakness below 22050 then, the Index may try to re-visit 21820-21710 levels in the near term. Let see how the Index opens today near 22405-22420-22465 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 47945.85; on the opening move, it made a day low 47340.35; thereafter, it moved up, made a day high 48052.90 and closed on a positive note at 47977.05 with an intra gain 289.60 points, i.e., 0.61%, today Nifty Bank Index must move and trade above 48050-48150-48255 levels; if to do so, then it may try to re-test 48345-48500-48655-48750-48810 levels. On the other hand, any weakness near 48050-48150-48255 further, it moves below 47845-47695 then, the Index may re-visit 47610-47555-47450-47340-47230-47125-46985 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.776.49 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2127.81 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 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 Apr'24 released on 14th May'24-Tuesday, it has gone up to 1.26% as against the Mar'24 level i.e.,0.53%.

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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