02.07.24-Tuesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a flat to negative note at 23992.95; our expected opening band 24010-23985, on the opening move made a day low 23992.70; further it moved up; made a day high 24164 and closed on a positive note at 24141.95 with intra gain 131.35 points, i.e.,0.54%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 24145-24165-24175 levels; if open, trade and sustain above 24175 then, the index may test 24195-24210-24245-24275-24300-24330 levels. On the other hand, the immediate support lies at 24120-24080 if, the Index moves below 24080 then, it may try to re-visit 24055-24030-24005-23985-23945-23930 levels.

Special Mention: Yesterday, Nifty Index unable to continue the northward rally beyond the recent all time high i.e., 24174 and closed above our threshold support level i.e., 24087 levels. Today, the Nifty index must trade, sustain and closes above 24175-24210 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 24145-24165-24175 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 52351.15; on the opening move, it made a day low 52166.05; thereafter, it moved up, made a day high 52656.15 and closed on a positive note at 52574.75 with an intra gain 232.50 points, i.e.,0.44%, today Nifty Bank Index must move and trade above 52675-52790 levels; if to do so, then it may try to test 52880-52960-53065-53180-53255-53330-53455 levels. On the other hand, any weakness near 52675-52790 further, it moves below 52490-52350 then, the Index may re-visit 52280-52165-52040-51920-51770 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.426.03 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.3917.43 Cr. 

INDIA's Macro Data:-

On 01st Jul'24, the HSBC Manufacturing PMI data for the month of Jun'24 released, it moved up to 58.30% from 57.50% (May'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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