09.07.24-Tuesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a flat note at 24329.45; our expected opening band 24320-24305, on the opening move made a day low 24240.55; further it moved up; made a day high 24344.60 and closed on a flat to negative note at 24320.55 with intra loss 3.30 points, i.e.,-0.01%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 24320-24340-24355 levels; if open, trade and sustain above 24355 then, the index may test 24375-24400-24415-24430-24465-24500-24530-24565 levels. On the other hand, the immediate support lies at 24285-24265 if, the Index moves below 24265 then, it may try to re-visit 24240-24215-24195-24170-24145-24120-24090-24055-23995 levels.

Special Mention: Yesterday, Nifty Index unable to continue the northward rally beyond the recent all time high i.e., 24401, traded in a narrow range, further it made an inside day pattern i.e., not broken the previous session high or low and closed above our threshold support level i.e., 24275 levels. Today, the Nifty index must trade, sustain and closes above 24365-24400 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 24320-24340-24355 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 52533.10; on the opening move, it made a day high 52710.60; thereafter, it moved down, made a day low 52246.70 and closed on a negative note at 52425.80 with an intra loss 234.55 points, i.e.,-0.45%, today Nifty Bank Index must move and trade above 52475-52520-52575 levels; if to do so, then it may try to test 52655-52710-52835-52930-53030-53120-53230-53355 levels. On the other hand, any weakness near 52475-52520-52575 further, it moves below 52350-52245 then, the Index may re-visit 52120-51995-51955-51900-51825-51735-51660 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.60.98 Cr. On the other hand, DIIs tunred as net buyer, they bought on the net basis to the tune of Rs.2866.79 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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