01.07.24-Monday, 08.50 am 

Good Morning all .....

What has happened on Friday? Nifty Index, as expected and written opened on a positive note at 24085.90; our expected opening band 24080-24125, on the opening move made a day high 24175; further it moved down; made a day low 23985.80 and closed on a negative note at 24010.90 with intra loss 33.90 points, i.e., -0.14%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 24010-23985 levels; if open, trade and sustain above 24010 then, the index may test 24030-23055-24080-24120-24150-24175-24200-24225-24275 levels. On the other hand, the immediate support lies at 23985-23945 if, the Index moves below 23945 then, it may try to re-visit 23930-23910-23860-23810-23760-23715 levels.

Special Mention: On Friday, Nifty Index continued the northward rally, made a fresh all time high 24174, thereafter the intra sell-off dragged till 23985.80 and closed below our threshold support level i.e., 24087 levels. Today, the Nifty index must trade, sustain and closes above 24095-24175 then, it may continue the northward rally to test 24275-24560 levels. On the other hand, the immediate support seen at 23765-23665-23350, further weakness below 23350 then, the Index may try to re-visit 22720-22420 levels in the near term. Let see how the Index opens today near 24030-23985 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a negative note at 52874.95; on the opening move, it made a day high 53030.30; thereafter, it moved down, made a day low 52242.30 and closed on a negative note at 52342.25 with an intra loss 469.05 points, i.e., -0.90%, today Nifty Bank Index must move and trade above 52400-52540 levels; if to do so, then it may try to test 52635-52725-52800-52860-52940-53030-53100-53180-53245 levels. On the other hand, any weakness near 52400-52540 further, it moves below 52340-52240 then, the Index may re-visit 52160-52030-51920-51770-51620 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.23.09 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.6658.31 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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