24.06.24-Monday, 08.50 am 

Good Morning all .....

What has happened on Friday? Nifty Index, contrary to our expectation, opened on a positive note with gap up at 23661.15; our expected opening band 23585-23570, on the opening move made a day high 23667.10; further it moved down; made a day low 23398.10 and closed on a negative note at 23501.10 with intra loss 65.90 points, i.e., -0.28%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 23500-23460-23430 levels; if open, trade and sustain above 23500 then, the index may test 23535-23565-23590-23610-23635-23665-23700-23730-23750 levels. On the other hand, the immediate support lies at 23400-23355 if, the Index moves below 23355 then, it may try to re-visit 23335-23315-23270-23240-23205-23165-23125 levels.

Special Mention: On Friday, Nifty Index continued the northward rally, made a fresh all time high 23667.10 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 23500-23460-23430 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a positive note at 51927.30; on the opening move, it made a day high 51934.35; thereafter, it moved down, made a day low 51224.95 and closed on a negative note at 51661.45 with an intra loss 121.80 points, i.e., -0.35%, today Nifty Bank Index must move and trade above 51725-51795 levels; if to do so, then it may try to test 51950-52125-52185-52370 levels. On the other hand, any weakness near 51725-51795 further, it moves below 51495-51390 then, the Index may re-visit 51310-51225-51150-51030-50910-50800-50640 levels.

FII's & DII's Funds Flow: On Friday, FIIs turned as a net seller, they sold on the net basis to the tune of Rs.1790.19 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.1237.21 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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