28.06.24-Friday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a flat note at 23881.55; our expected opening band 23870-23840, on the opening move made a day low 23805.40; further it moved up; made a day high 24087.45 and closed on a positive note at 24044.50 with intra gain 175.70 points, i.e., 0.73%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 24085-24125 levels; if open, trade and sustain above 24125 then, the index may test 24165-24190-24220-24250-24275-24315 levels. On the other hand, the immediate support lies at 24030-24000 if, the Index moves below 24000 then, it may try to re-visit 23975-23945-23913-23890-23870-23840-23805-23750 levels.

Special Mention: Yesterday, Nifty Index continued the northward rally, made a fresh all time high 24087.45 and closed above our threshold support level i.e., 24000 levels. Today, the Nifty index must trade, sustain and closes above 24095-24165 then, it may continue the northward rally to test 24275-24560 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 24085-24125 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 52980.30; on the opening move, it made a day low 52639; thereafter, it moved up, made a day high 53180.75 and closed on a negative note at 52811.30 with an intra loss 59.20 points, i.e., -0.11%, today Nifty Bank Index must move and trade above 52845-52965 levels; if to do so, then it may try to test 53025-53120-53180-53255-53330-53485-53620 levels. On the other hand, any weakness near 52845-52965 further, it moves below 52765-52695 then, the Index may re-visit 52640-52580-52490-52400-52280-52160-52040 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.7658.77 Cr. On the other hand, DIIs turned as a net seller, they sold on the net basis to the tune of Rs.3605.93 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.

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