12.06.24-Wednesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a flat to positive note at 23283.75; our expected opening band 23270-23300, on the opening move, made a day low 23206.65; further it moved up; made a day high 23389.45 and closed on a positive note at 23264.85 with intra gain 5.65 points, i.e., 0.02%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 23250-23230-23205 levels; if open, trade and sustain above 23250 then, the index may test 23275-23300-23335-23390-23410-23440-23495-23525-23555-23590-23620 levels. On the other hand, the immediate support lies at 23185-23150 if, the Index moves below 23150 then, it may try to re-visit 23110-23075-23030-22975-22910-22850-22820-22790 levels.

Special Mention: Yesterday, Nifty Index unable to continue the northward rally beyond 23411.90, the brief intra sell-off dragged the index once again till 23206.65 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 23250-23230-23205 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 49751.20; on the opening move, it made a day low 49530.45; thereafter, it moved up, made a day high 49970.30 and closed on a negative note at 49705.75 with an intra loss 75.15 points, i.e., -0.15%, today Nifty Bank Index must move and trade above 49750-49850 levels; if to do so, then it may try to re-test 49920-49970-50090-50170-50250-50330-50425-50555-50665 levels. On the other hand, any weakness near 49750-49850 further, it moves below 49700-49635-49530 then, the Index may re-visit 49420-49360-49325-49225-49070-48905-48840-48660 levels.

FII's & DII's Funds Flow: Yestereday, FIIs turned as a net seller, they sold on the net basis to the tune of Rs.111.04 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.3193.29 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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