21.06.24-Friday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 23586.15; our expected opening band 23535-23560-23590, on the opening move made a day low 23442.60; further it moved up; made a day high 23624 and closed on a positive note at 23567 with intra gain 51 points, i.e., 0.22%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 23585-23570-23530 levels; if open, trade and sustain above 23585 then, the index may test 23600-23625-23665-23700-23730-23750 levels. On the other hand, the immediate support lies at 23510-23485 if, the Index moves below 23485 then, it may try to re-visit 23460-23445-23410-23375-23340-23315-23270-23240-23205 levels.

Special Mention: Yesterday, Nifty Index unable to continue the northward rally, traded in range a bound move and continued to close above our threshold support level i.e., 23490 levels. Today, the Nifty index must trade, sustain and closes above 23625-23665 then, it may continue the northward rally to test 23750-23900 levels. On the other hand, the immediate support seen at 23410-23205, further weakness below 23205 then, the Index may try to re-visit 22670-22420 levels in the near term. Let see how the Index opens today near 23585-23570-23530 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 51712.90; on the opening move, it made a day low 51281.50; thereafter, it moved up, made a day high 51842.20 and closed on a positive note at 51783.25 with an intra gain 385.20 points, i.e., 0.74%, today Nifty Bank Index must move and trade above 51840-51955 levels; if to do so, then it may try to test 51995-52055-52120-52185-52370 levels. On the other hand, any weakness near 51840-51955 further, it moves below 51650-51500 then, the Index may re-visit 51415-51345-51280-51150-51020-50910-50800 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.415.30 Cr. On the other hand, DIIs turned as a net seller, they sold on the net basis to the tune of Rs.325.81 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.

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.