26.06.24-Wednesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a positive note at 23577.10; our expected opening band 23555-23575-23600, on the opening move made a day low 23562.05; further it moved up; made a day high 23754.15 and closed on a positive note at 23721.30 with intra gain 183.45 points, i.e., 0.77%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 23700-23725-23750 levels; if open, trade and sustain above 23750 then, the index may test 23775-23805-23835-23870-23900-23920 levels. On the other hand, the immediate support lies at 23670-23635 if, the Index moves below 23635 then, it may try to re-visit 23605-23575-23550-23505-23475-23445 levels.

Special Mention: Yesterday, Nifty Index continued the northward rally, made a fresh all time high 23754 and closed above our threshold support level i.e., 23665 levels. Today, the Nifty index must trade, sustain and closes above 23750 then, it may continue the northward rally to test 23900-24000-24095 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 23700-23725-23750 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 51759.45; on the opening move, it made a day low 51747.65; thereafter, it moved up, made a day high 52746.50 and closed on a positive note at 52606 with an intra gain 902.05 points, i.e., 1.71%, today Nifty Bank Index must move and trade above 52635-52750 levels; if to do so, then it may try to test 52885-52995-53020-53065-53140 levels. On the other hand, any weakness near 52635-52750 further, it moves below 52530-52450 then, the Index may re-visit 52400-52340-52275-52200-52035-51940 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a net buyer, they bought on the net basis to the tune of Rs.1175.91 Cr. On the other hand, DIIs continued as a net seller, they sold on the net basis to the tune of Rs.149.45 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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