What has happened on Friday? Nifty Index, as expected and written, opened on a positive note at 22568.10; our expected opening band 22485-22525, on the opening move, made a day high 22653.75; further it moved down; made a day low 22465.10 and closed on a positive note at 22530.70 with intra gain 42.05 points, i.e., 0.19%.
What will happen today?
Nifty Index: Today, Nifty Index may open on a positive note with huge gap up near 23110-23205-23300 levels; if open, trade and sustain above 23300 then, the index may test 23330-23395-23440-23485-23535-23580-23625-22665-23710-23770 levels. On the other hand, the immediate support lies at 23060-22905 if, the Index moves below 22905 then, it may try to re-visit 22845-22760-22650-22465-22420 levels.
Special Mention: On Friday, Nifty Index traded in a range bound, made an inside day pattern i.e., not broken the previous session high or low point and closed well below the threshold support level i.e., 22795. Today, we can expect a huge gap up due to the Exit poll results, the Nifty index may open 500-700 points on higher side, if the index continue to move, trade and closes above 23110-23375-23450 then, it may continue the northward rally to test 23540-23670-23800-23990 levels. On the other hand, the immediate support seen at 23110-22405, further weakness below 22405 then, the Index may try to re-visit 22130-22055-21820 levels in the near term. Let see how the Index opens today near 23110-23205-23300 levels.
Nifty Bank Index: On Friday, Nifty Bank Index opened on a negative note at 48895.15; on the opening move, it made a day low 48569.05; thereafter, it moved up, made a day high 49122.55 and closed on a positive note at 48983.95 with an intra gain 301.60 points, i.e., 0.62%, today Nifty Bank Index must move and trade above 49780-50245 levels; if to do so, then it may try to test 50490-50785-50950-51115-51235 levels. On the other hand, any weakness near 49780-50245 further, it moves below 49975-49270 then, the Index may re-visit 49125-48980-48780-48695-48570 levels.
FII's & DII's Funds Flow: On Friday, FIIs turned as a net buyer, they bought on the net basis to the tune of Rs.1613.24 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2114.17 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 Q4 ending Mar'24 released on 31st Mat'24-Friday, the GDP has moved down to 7.80% Vs.8.40% (Q3-Dec'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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