21.05.24-Tuesday, 08.50 am 

Good Morning all .....

What has happened on Saturday? Nifty Index, opened on a positive note at 22512.85; on the opening move, made a day high 22520.25; further it moved down; made a day low 22470.05 and closed on a positive note at 22502 with intra gain 35.90 points, i.e., 0.16%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 22500-22470-22455 levels; if open, trade and sustain above 22500 then, the index may re-test 22520-22545-22585-22610-22635-22660-22680 levels. On the other hand, the immediate support lies at 22420-22380 if, the Index moves below 22380 then, it may try to re-visit 22345-22315-22285-22260-22230-22195 levels.

Special Mention: On Saturday, Nifty Index continued the pull back rally, made a high 22520 and closed above the support levels i.e., 22310. Today, Nifty index must continue to move, trade and closes above 22510 then, it may continue the pull back rally to re-test 22685-22795 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 22500-22470-22455 levels. 

Nifty Bank Index: On Saturday, Nifty Bank Index opened on a positive note at 48197.30; on the opening move, it made a day low 48222.35; thereafter, it moved down, made a day low 48108.15 and closed on a flat to positive note at 48199.50 with an intra gain 4.40 points, i.e., 0.01%, today Nifty Bank Index must move and trade above 48220-48255-48345 levels; if to do so, then it may try to re-test 48500-48655-48750-48810-48890-48970-49025 levels. On the other hand, any weakness near 48220-48255-48345 further, it moves below 48110-47965 then, the Index may re-visit 47885-47780-47675-47550-47445-47340 levels.

FII's & DII's Funds Flow: On Saturday, FIIs continued as a net seller, they sold on the net basis to the tune of Rs.92.95 Cr. On the other hand, DIIs turned as a net seller, they sold on the net basis to the tune of Rs.152.87 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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