31.05.24-Friday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a negative note at 22617.45; our expected opening band 22645-22620, on the opening move, made a day high 22705.75; further it moved down; made a day low 22417 and closed on a negative note at 22488.65 with intra loss 216.05 points, i.e., -0.96%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 22485-22525-22570 levels; if open, trade and sustain above 22570 then, the index may re-test 22620-22650-22680-22705-22725-22775-22795-22820-22855 levels. On the other hand, the immediate support lies at 22450-22420 if, the Index moves below 22420 then, it may try to re-visit 22405-22390-22350-22315-22280-22255-22220-22180 levels.

Special Mention: Yesterday, Nifty Index continue the sell-off, made a low 22417 and closed well below the threshold support level i.e., 22795. Today, Nifty index must continue to move, trade and closes above 22795-23000 then, it may continue the northward rally to test 23165-23280 levels. On the other hand, the immediate support seen at 22405-22315, further weakness below 22315 then, the Index may try to re-visit 22130-22055-21820 levels in the near term. Let see how the Index opens today near 22450-22485-22525 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 48313.60; on the opening move, it made a day low 48313.60; thereafter, it moved up, made a day high 49044.60 and closed on a positive note at 48682.35 with an intra gain 181 points, i.e., 0.37%, today Nifty Bank Index must move and trade above 48765-48840 levels; if to do so, then it may try to re-test 48890-48990-49045-49140-49240-49285-49395-49460-49530-49610-48690 levels. On the other hand, any weakness near 48765-48840 further, it moves below 48590-48545 then, the Index may re-visit 48485-48320-48210-48115-48015-47945-47875 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a net seller, they sold on the net basis to the tune of Rs.3050.15 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.3432.92 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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