25.06.24-Tuesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a negative note at 23382.30; our expected opening band 23460-23430, on the opening move made a day low 23350; further it moved up; made a day high 23558.10 and closed on a positive note at 23537.85 with intra gain 36.75 points, i.e., 0.16%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 23555-23575-23600 levels; if open, trade and sustain above 23600 then, the index may test 23630-23665-23700-23730-23750 levels. On the other hand, the immediate support lies at 23515-23490 if, the Index moves below 23490 then, it may try to re-visit 23455-23430-23400-23350-23335-23295-23260-23230-23205 levels.

Special Mention: Yesterday, Nifty Index unable to continue the northward rally, made a low 23350 and continued to close above our threshold support level i.e., 23490 levels. Today, the Nifty index must trade, sustain and closes above 23575-23665 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 23255-23575-23600 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 51280.25; on the opening move, it made a day low 51138.90; thereafter, it moved up, made a day high 51783.95 and closed on a positive note at 51703.95 with an intra gain 42.50 points, i.e., 0.08%, today Nifty Bank Index must move and trade above 51785-51875 levels; if to do so, then it may try to test 51955-52125-52185-52370-52500 levels. On the other hand, any weakness near 51785-51875 further, it moves below 51710-51595 then, the Index may re-visit 51460-51385-51290-51215-51140-50965-50750 levels.

FII's & DII's Funds Flow: Yesterday, FIIs continued as a net seller, they sold on the net basis to the tune of Rs.653.97 Cr. On the other hand, DIIs turned as a net seller, they sold on the net basis to the tune of Rs.820.47 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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