14.06.24-Friday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 23480.95; our expected opening band 23390-23410, on the opening move, made a day high 23481.05; further it moved down; made a day low 23353.90 and closed on a positive note at 23398.90 with intra gain 75.95 points, i.e., 0.32%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 23420-23400-23365 levels; if open, trade and sustain above 23420 then, the index may test 23445-23465-23480-23515-23545-23595-23620-23670 levels. On the other hand, the immediate support lies at 23350-23320 if, the Index moves below 23320 then, it may try to re-visit 23290-23270-23240-23205-23160-23110-23060-23010 levels.

Special Mention: Yesterday, Nifty Index continue the northward rally, made a fresh all time high 23481.05 and closed above our threshold support level i.e., 23340 levels. Today, the Nifty index must trade, sustain and closes above 23440-23480 then, it may continue the northward rally to test 23620-23750-23900 levels. On the other hand, the immediate support seen at 23110-22995-22735, 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 23420-23400-23365 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 50179; on the opening move, it made a day high 50186.45; thereafter, it moved down, made a day low 49799.65 and closed on a negative note at 49846.70 with an intra loss 48.40 points, i.e., -0.10%, today Nifty Bank Index must move and trade above 49920-50070 levels; if to do so, then it may try to re-test 50185-50250-50290-50330-50380-50425-50520-50660-50790 levels. On the other hand, any weakness near 49920-50070 further, it moves below 49800-49700 then, the Index may re-visit 49650-49530-49425-49360-49200-49080-48900 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.3033 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.553.88 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 Apr'24 released on 12th Jun'24-Wednesday, the Industrial production has gone up to 5%; when compared to the Mar'24 level, i.e.,4.90%. 

Annual Inflation data for May'24 released on 12th Jun'24-Wednesday, the inflation has come down to 4.75% from Apr'24 level i.e., 4.83%.

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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