11.06.24-Tuesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a flat to positive note at 23319.15; our expected opening band 23290-23320-23340, on the opening move, made a day high 23411.90; further it moved down; made a day low 23227.15 and closed on a negative note at 23259.20 with intra loss 30.95 points, i.e., -0.13%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 23240-23270-23300 levels; if open, trade and sustain above 23300 then, the index may test 23320-23340-23370-23410-23460-23495-23520-23545-23595-23650 levels. On the other hand, the immediate support lies at 23230-23185 if, the Index moves below 23185 then, it may try to re-visit 23150-23110-23075-23030-23020-22975-22935-22910-22850-22820-22790 levels.

Special Mention: Yesterday, Nifty Index continued the northward rally, made a new all time high 23411.90, the brief intra sell-off dragged the index till 23227 and closed below our threshold support level i.e., 23340 levels. Today, the Nifty index must trade, sustain and closes above 23340-23410 then, it may continue the northward rally to test 23620-23750-23900 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 23240-23270-23300 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 49808.15; on the opening move, it made a day high 50252.95; thereafter, it moved down, made a day low 49654.20 and closed on a negative note at 49732.20 with an intra loss 71 points, i.e., -0.14%, today Nifty Bank Index must move and trade above 49900-50010 levels; if to do so, then it may try to re-test 50070-50180-50250-50330-50425-50555-50665 levels. On the other hand, any weakness near 49900-50010 further, it moves below 49770-49625 then, the Index may re-visit 49580-49500-49420-49325-49225-49070-48905 levels.

FII's & DII's Funds Flow: Yestereday, FIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2572.38 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.2764.46 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 Jun'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 Mar'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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