10.06.24-Monday, 08.50 am 

Good Morning all .....

What has happened on Friday? Nifty Index, as expected and written, opened on a flat to positive note at 22821.85; our expected opening band 22830-22870, on the opening move, made a day low 22789.05; further it moved up; made a day high 23320.20 and closed on a positive note at 23290.15 with intra gain 468.75 points, i.e., 2.01%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 23290-23320-23340 levels; if open, trade and sustain above 23340 then, the index may test 23365-23395-23430-23465-23495-23520-23555-23585-23620-23650-23705 levels. On the other hand, the immediate support lies at 23245-23210 if, the Index moves below 23210 then, it may try to re-visit 23165-23110-23090-23060-23020-22990-22940-22910-22850-22820-22790 levels.

Special Mention: On Friday, Nifty Index continued the pull back rally near all time high i.e., 23338.70 and closed near 23300 levels. Today, the Nifty index must trade, sustain and closes above 23340 then, it may continue the northward rally to test 23620-23900 levels. On the other hand, the immediate support seen at 23110-22735, further weakness below 22735 then, the Index may try to re-visit 22420-21790 levels in the near term. Let see how the Index opens today near 23290-23320-23340 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a positive note at 49316.95; on the opening move, it made a day high 49080.45; thereafter, it moved up, made a day high 49943.20 and closed on a positive note at 49803.20 with an intra gain 511.30 points, i.e., 1.03%, today Nifty Bank Index must move and trade above 49845-49945 levels; if to do so, then it may try to re-test 50050-50090-50115-50175-50300-50425-50555-50665 levels. On the other hand, any weakness near 49845-49945 further, it moves below 49710-49615 then, the Index may re-visit 49510-49410-49365-49285-49180-49080-48905-48845-48810 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.4391.02 Cr. On the other hand, DIIs turned as a net seller, they sold on the net basis to the tune of Rs.1289.75 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 07th May'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.

Research Analyst Disclaimer: Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.