08.07.24-Monday, 08.50 am 

Good Morning all .....

What has happened on Friday? Nifty Index, as expected and written opened on a negative note at 24213.35; our expected opening band 24280-24325, on the opening move made a day low 24168.85; further it moved up; made a day high 24363 and closed on a positive note at 24323.85 with intra gain 21.70 points, i.e.,0.09%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 24320-24305-24280 levels; if open, trade and sustain above 24320 then, the index may test 24340-24365-24400-24415-24430-24465-24500-24530-24565 levels. On the other hand, the immediate support lies at 24240-24220 if, the Index moves below 24220 then, it may try to re-visit 24195-24170-24140-24115-24085-24055 levels.

Special Mention: On Friday, Nifty Index unable to continue the northward rally beyond the recent all time high i.e., 24401, a brief intra sell-off dragged till 24168.85 and closed above our threshold support level i.e., 24275 levels. Today, the Nifty index must trade, sustain and closes above 24365-24395 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 24320-24305-24280 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a negative note at 52560.10; on the opening move, it made a day low 52290.05; thereafter, it moved up, made a day high 52817.85 and closed on a negative note at 52660.35 with an intra loss 443.35 points, i.e.,-0.84%, today Nifty Bank Index must move and trade above 52730-52815 levels; if to do so, then it may try to test 52960-53045-53460-53505-53180-53260-53340-53420-53500 levels. On the other hand, any weakness near 52730-52815 further, it moves below 52615-52550-52490 then, the Index may re-visit 52415-52320-52290-52150-52050-51995-51800 levels.

FII's & DII's Funds Flow: On Friday, FIIs continued as a net buyer, they bought on the net basis to the tune of Rs.1241.33 Cr. On the other hand, DIIs also continued as a net seller, they sold on the net basis to the tune of Rs.1651.36 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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