19.06.24-Wednesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 23570.80; our expected opening band 23520-23545, on the opening move made a day low 23499.70; further it moved up; made a day high 23579.05 and closed on a positive note at 23557.90 with intra gain 92.30 points, i.e., 0.39%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 23580-23620-23645 levels; if open, trade and sustain above 23645 then, the index may test 23680-23720-23750-23780-23810-23835 levels. On the other hand, the immediate support lies at 23555-23525 if, the Index moves below 23525 then, it may try to re-visit 23500-23475-23435-23405-23385-23360-23335-23300 levels.

Special Mention: Yesterday, Nifty Index continue the northward rally, made a fresh all time high 23579.05 and closed above our threshold support level i.e., 23490 levels. Today, the Nifty index must trade, sustain and closes above 23545-23600 then, it may continue the northward rally to test 23620-23750-23900 levels. On the other hand, the immediate support seen at 23340-23210, further weakness below 23210 then, the Index may try to re-visit 22670-22420 levels in the near term. Let see how the Index opens today near 23580-23620-23645 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 50194.35; on the opening move, it made a day low 49900.20; thereafter, it moved up, made a day high 50562.15 and closed on a positive note at 50440.90 with an intra gain 438.90 points, i.e., 0.87%, today Nifty Bank Index must move and trade above 50485-50565 levels; if to do so, then it may try to re-test 50665-50740-50780-50900-51135 levels. On the other hand, any weakness near 50485-50565 further, it moves below 50370-50230 then, the Index may re-visit 50150-50055-49980-49900-49695-49600 levels.

FII's & DII's Funds Flow: Yeserday, FIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2749.40 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.1555.73 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 May'24 released on 14th May'24-Friday, it has gone up to 2.61% as against the Apr'24 level i.e.,1.26%.

Wishing you for a safe, secured and profitable trading.

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 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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