29.05.24-Wednesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 22977.15; our expected opening band 22960-22980-22995, on the opening move, made a day high 22998.55; further it moved down; made a day low 22858.50 and closed on a negative note at 22888.15 with intra loss 44.30 points, i.e., -0.19%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note near 22860-22835-22795 levels; if open, trade and sustain above 22860 then, the index may re-test 22890-22915-22945-22960-22995-23035-23055-23080 levels. On the other hand, the immediate support lies at 22795-22765 if, the Index moves below 22765 then, it may try to re-visit 22730-22715-22675-22630-22590-22575 levels.

Special Mention: Yesterday, Nifty Index unable to continue the northward rally, made a low 22858.50 and closed well above the thrshold support level i.e., 22795. 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 22860-22835-22795 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 49390.90; on the opening move, it made a day high 49511.15; thereafter, it moved down, made a day low 49043.65 and closed on a negative note at 49142.15 with an intra loss 139.65 points, i.e., -0.28%, today Nifty Bank Index must move and trade above 49220-49290 levels; if to do so, then it may try to re-test 49375-49455-49510-49550-49640-49690-49770-49860-49975 levels. On the other hand, any weakness near 49220-49290 further, it moves below 49050-48930 then, the Index may re-visit 48830-48695-48645-48560-48430-48335 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.65.57 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.3231.67 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.

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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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