04.07.24-Thursday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a positive note at 24291.75; our expected opening band 24175-24215, on the opening move made a day low 24207.10; further it moved up; made a day high 24309.15 and closed on a positive note at 24286.50 with intra gain 162.65 points, i.e.,0.67%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 24310-24335-24365 levels; if open, trade and sustain above 24365 then, the index may test 24395-24420-24460-24500-24530-24565 levels. On the other hand, the immediate support lies at 24275-24240 if, the Index moves below 24240 then, it may try to re-visit 24200-24180-24150-24105-24065 levels.

Special Mention: Yesterday, Nifty Index continued the northward rally, made a fresh all time high i.e., 24309.15 and closed above our threshold resistance level i.e., 24275 levels. Today, the Nifty index must trade, sustain and closes above 24275-24335 then, it may continue the northward rally to test 24395-24565 levels. On the other hand, the immediate support seen at 23990-23665, further weakness below 23350 then, the Index may try to re-visit 23350-22720 levels in the near term. Let see how the Index opens today near 24310-24335-24365 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 52873.30; on the opening move, it made a day low 52482.65; thereafter, it moved up, made a day high 53256.70 and closed on a positive note at 53089.15 with an intra gain 921.05 points, i.e.,1.73%, today Nifty Bank Index must move and trade above 53170-53260 levels; if to do so, then it may try to test 53370-53460-53500-53550-53630-53770 levels. On the other hand, any weakness near 53170-53260 further, it moves below 53025-52960 then, the Index may re-visit 52870-52780-52665-52570-57485-52390-52275 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.5483.63 Cr. On the other hand, DIIs also turned as a net seller, they sold on the net basis to the tune of Rs.924.43 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 Jun'24 released on 03rd Jul'24, it moved up to 60.50% from 60.20% (May'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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