24.05.24-Friday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a flat note at 22614.10; our expected opening band 22590-22555, on the opening move, made a day low 22577.45; further it moved up; made a day high 22993.90 and closed on a positive note at 22967.65 with huge intra gain 369.85 points, i.e., 1.61%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 22960-22940-22890 levels; if open, trade and sustain above 22960 then, the index may test 22990-23025-23060-23085-23105-23150-23175-23200 levels. On the other hand, the immediate support lies at 22865-22820 if, the Index moves below 22820 then, it may try to re-visit 22795-22770-22735-22720-22695-22665-22630-22605 levels.

Special Mention: Yesterday, Nifty Index continued the northward rally broken all time high, made a fresh high 22993.60 and closed well above the previous all time high i.e., 22794.70. Today, Nifty index must continue to move, trade and closes above 23000-23060 then, it may continue the northward rally to test 23165-23280 levels. On the other hand, the immediate support seen at 22795-22510, further weakness below 22510 then, the Index may try to re-visit 22400-22130-22055 levels in the near term. Let see how the Index opens today near 22960-22940-22890 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 47899.35; on the opening move, it made a day low 47873.15; thereafter, it moved up, made a day high 48829.70 and closed on a positive note at 48768.60 with an intra gain 986.65 points, i.e., 2.02%, today Nifty Bank Index must move and trade above 48830-48965 levels; if to do so, then it may try to re-test 49090-49215-49335-49485-49630 levels. On the other hand, any weakness near 48830-48965 further, it moves below 48720-48610 then, the Index may re-visit 48520-48460-48420-48300-48240-48130-48050-47965-47875 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a net buyer, they bought on the net basis to the tune of Rs.4670.95 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.146.51 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.

Research Analyst Disclaimer: Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.