27.06.24-Thursday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a flat note at 23723.10; our expected opening band 23700-23725-23750, on the opening move made a day low 23670.45; further it moved up; made a day high 23889.90 and closed on a positive note at 23868.80 with intra gain 147.50 points, i.e., 0.62%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative near 23870-23840-23805 levels; if open, trade and sustain above 23870 then, the index may test 23890-23920-23950-23975-24000-24045-24095 levels. On the other hand, the immediate support lies at 23775-23750 if, the Index moves below 23750 then, it may try to re-visit 23720-23695-23670-23650-23610-23555 levels.

Special Mention: Yesterday, Nifty Index continued the northward rally, made a fresh all time high 23889.90 and closed above our threshold support level i.e., 23750 levels. Today, the Nifty index must trade, sustain and closes above 23900 then, it may continue the northward rally to test 24095-24275 levels. On the other hand, the immediate support seen at 23665-23350, further weakness below 23350 then, the Index may try to re-visit 22670-22420 levels in the near term. Let see how the Index opens today near 23870-23840-23805 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 52653.20; on the opening move, it made a day low 52373.70; thereafter, it moved up, made a day high 52988.30 and closed on a positive note at 52870.50 with an intra gain 264.50 points, i.e., 0.50%, today Nifty Bank Index must move and trade above 52920-52990 levels; if to do so, then it may try to test 53065-53155-53265-53360-53485 levels. On the other hand, any weakness near 52920-52990 further, it moves below 52805-52695 then, the Index may re-visit 52590-52520-52445-52370-52280-52205-52065 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a net seller, they sold on the net basis to the tune of Rs.3535.43 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.5103.67 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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