05.07.24-Friday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a positive note at 24369.95; our expected opening band 24335-24365, on the opening move made a day high 24401; further it moved down; made a day low 24281 and closed on a positive note at 24302.15 with intra gain 15.65 points, i.e.,0.06%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 24280-24245 levels; if open, trade and sustain above 24280 then, the index may test 24325-24375-24400-24430-24465-24500-24530-24565 levels. On the other hand, the immediate support lies at 24245-24225 if, the Index moves below 24225 then, it may try to re-visit 24200-24180-24150-24105-24060 levels.

Special Mention: Yesterday, Nifty Index continued the northward rally, made a fresh all time high i.e., 24401 and closed above our threshold support level i.e., 24275 levels. Today, the Nifty index must trade, sustain and closes above 24335-24395 then, it may continue the northward rally to test 24435-24565 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 24280-24245 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 53357.10; on the opening move, it made a day high 53357.70; thereafter, it moved down, made a day low 52815.90 and closed on a positive note at 53103.70 with an intra gain 14.55 points, i.e.,0.03%, today Nifty Bank Index must move and trade above 53190-53295 levels; if to do so, then it may try to test 53355-53460-53505-53550-53630-53700-53770 levels. On the other hand, any weakness near 53190-53295 further, it moves below 53020-52925 then, the Index may re-visit 52815-52755-52670-52595-52515-52420-52315 levels.

FII's & DII's Funds Flow: Yesterday, FIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2575.85 Cr. On the other hand, DIIs also continued as a net seller, they sold on the net basis to the tune of Rs.2375.18 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.

Research Analyst Disclaimer: Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.