06.06.24-Thursday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 22128.35; our expected opening band 21930-22000-22110, on the opening move, made a day low 21791.95; further it moved up; made a day high 22670.40 and closed on a positive note at 22620.35 with intra huge gain 735.85 points, i.e., 3.25%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 22645-22670-22700 levels; if open, trade and sustain above 22700 then, the index may test 22735-22760-22785-22815-22835-22870-22900-22945 levels. On the other hand, the immediate support lies at 22630-22595-22560 if, the Index moves below 22560 then, it may try to re-visit 22535-22505-22485-22455-22420-22360-22325-22290-22240-22210 levels.

Special Mention: Yesterday, Nifty Index opened on a gap up near 22128, made a low 21791; thereafter continued the pull back rally, made a high 22670 and closed above our threshold support level i.e., 22420. Today, the Nifty index must sustain and close above 22735-22900 then, it may continue the pull back rally to re-test 23110-23338 levels. On the other hand, the immediate support seen at 21820-21130, further weakness below 21130 then, the Index may try to re-visit 20560-20200 levels in the near term. Let see how the Index opens today near 22640-22670-22700 levels. 

Nifty Bank Index: Yeserday, Nifty Bank Index opened on a positive note at 47486.60; on the opening move, it made a day low 46466.80; thereafter, it moved up, made a day high 49362.90 and closed on a positive note at 49054.60 with an intra huge gain 2126 points, i.e., 4.33%, today Nifty Bank Index must move and trade above 49200-49365 levels; if to do so, then it may try to re-test 49425-49650-49755-49850-49975-50090 levels. On the other hand, any weakness near 49200-49365 further, it moves below 48800-48625 then, the Index may re-visit 48510-48380-48250-48075-47950-47730-47560-47385-47120-47050-46920-46850-46790-46680-46490 levels.

FII's & DII's Funds Flow: Yesterday, FIIs continued as a net seller, they sold on the net basis to the tune of Rs.5656.26 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.4555.08 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 May'24 released on 05th Jun'24, it moved down to 60.20% from 60.80% (Apr'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.

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.

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