04.06.24-Tuesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note with huge gap up at 23337.90; our expected opening band 23110-23205-23300, on the opening move, made a day high 23338.70; further it moved down; made a day low 23062.30 and closed on a positive note at 23263.90 with intra gain 733.20 points, i.e., 3.15%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 23230-23160-23110 levels; if open, trade and sustain above 23230 then, the index may test 23260-23335-23395-23455-23535-23625-22665-23710-23805-23900 levels. On the other hand, the immediate support lies at 23110-23060 if, the Index moves below 23060 then, it may try to re-visit 22990-22930-22870-22825-22795-22705-22635-22525-22420-22290-22180-22130-22000-21820 levels.

Special Mention: Yesterday, Nifty Index opened on gap up, made a high 23338.70 and closed well below the threshold support level i.e., 23110. Today, we can expect a high volatility due to general election poll results, the Nifty index may open on negative note, 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 23230-23160-23110 levels. 

Nifty Bank Index: Yeserday, Nifty Bank Index opened on a positive note at 50889.85; on the opening move, it made a day low 50092.65; thereafter, it moved up, made a day high 51133.20 and closed on a positive note at 50979.95 with an intra gain 1996 points, i.e., 3.92%, today Nifty Bank Index must move and trade above 51015-51135 levels; if to do so, then it may try to test 51415-51530-51650-51775-51975-52170-52315-52455 levels. On the other hand, any weakness near 51015-51135 further, it moves below 50610-50490 then, the Index may re-visit 50335-50215-50090-49920-49545-49300-49060-48810-48570-48310-47960-47435-46985 levels.

FII's & DII's Funds Flow: Yesterday, FIIs continued as a net buyer, they bought on the net basis to the tune of Rs.6850.76 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.1913.98 Cr. 

INDIA's Macro Data:-

On 03rd Jun'24, the HSBC Manufacturing PMI data for the month of May'24 released, it moved down to 57.50% from 58.80% (Apr'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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