03.07.24-Wednesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a positive note at 24228.75; our expected opening band 24145-24165-24175, on the opening move made a day high 24236.35; further it moved down; made a day low 24056.40 and closed on a negative note at 24123.95 with intra loss 18.10 points, i.e.,-0.08%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 24150-24175-24215 levels; if open, trade and sustain above 24215 then, the index may test 24240-24275-24300-24330-24360-24395-24420 levels. On the other hand, the immediate support lies at 24110-24075 if, the Index moves below 24075 then, it may try to re-visit 24055-24030-24005-23975-23935-23895 levels.

Special Mention: Yesterday, Nifty Index continued the northward rally, made a fresh all time high i.e., 24236.35 and closed above our threshold resistance level i.e., 24175 levels. Today, the Nifty index must trade, sustain and closes above 24175-24236 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 24150-24175-24215 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 52793.75; on the opening move, it made a day high 52828.45; thereafter, it moved down, made a day low 51996.65 and closed on a negative note at 52168.10 with an intra loss 406.65 points, i.e.,-0.78%, today Nifty Bank Index must move and trade above 52250-52315 levels; if to do so, then it may try to test 52450-52585-52650-52730-52830-52925-53055 levels. On the other hand, any weakness near 52250-52315 further, it moves below 52120-52095 then, the Index may re-visit 51995-51915-51835-51770-51620-51560-51485-51380 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.2000.12 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.648.25 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.

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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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