10.07.24-Wednesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a flat to positive note at 24351; our expected opening band 24320-24340-24355, on the opening move made a day low 24331.90; further it moved up; made a day high 24443.60 and closed on a positive note at 24320.55 with intra gain 112.65 points, i.e.,0.46%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 24445-24475 levels; if open, trade and sustain above 24475 then, the index may test 24500-24530-24565-24600 levels. On the other hand, the immediate support lies at 24400-24375 if, the Index moves below 24375 then, it may try to re-visit 24355-24330-24300-24280-24240-24205 levels.

Special Mention: Yesterday, Nifty Index continued the northward rally beyond the recent all time high i.e., 24401, made a fresh all time high 24443.60 and closed above our threshold resistance level i.e., 24400 levels. Today, the Nifty index must trade, sustain and closes above 24435 then, it may continue the northward rally to test 24475-24565 levels. On the other hand, the immediate support seen at 24170-23990, further weakness below 23390 then, the Index may try to re-visit 23560-23350 levels in the near term. Let see how the Index opens today near 24445-24475 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 52390.50; on the opening move, it made a day low 52292.95; thereafter, it moved up, made a day high 52626.60 and closed on a positive note at 52568.80 with an intra gain 143 points, i.e.,0.27%, today Nifty Bank Index must move and trade above 52625-52715 levels; if to do so, then it may try to test 52835-52930-53030-53120-53230-53355-53475-53660 levels. On the other hand, any weakness near 52625-52715 further, it moves below 52525-52485-52420 then, the Index may re-visit 52290-52200-51955-51900-51825-51735-51660 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.

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.