11.07.24-Thursday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a flat to positive note at 24459.85; our expected opening band 24445-24475, on the opening move made a day high 24461.05; further it moved down; made a day low 24141.80 and closed on a negative note at 24325.45 with intra loss 107.75 points, i.e.,-0.44%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 24365-24400-24425 levels; if open, trade and sustain above 24425 then, the index may test 24460-24500-24545-24565-24600-24635 levels. On the other hand, the immediate support lies at 24335-24300 if, the Index moves below 24300 then, it may try to re-visit 24265-24240-24210-24180-24140-24135-24105 levels.

Special Mention: Yesterday, Nifty Index continued the northward rally, made a fresh all time high 24461.05, the intra sell-off dragged the index till 24141.80 and closed below our threshold support level i.e., 24400 levels. Today, the Nifty index must trade, sustain and closes above 24400 then, it may continue the northward rally to test 24475-24565 levels. On the other hand, the immediate support seen at 24140-23990, further weakness below 23990 then, the Index may try to re-visit 23560-23350 levels in the near term. Let see how the Index opens today near 24365-24400-24425 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 52528.80; on the opening move, it made a day high 52528.80; thereafter, it moved down, made a day low 52075.40 and closed on a negative note at 52189.30 with an intra loss 379.50 points, i.e.,-0.73%, today Nifty Bank Index must move and trade above 52250-52390 levels; if to do so, then it may try to test 52475-52530-52565-52640-52715-52865-52980-53080-53145 levels. On the other hand, any weakness near 52250-52390 further, it moves below 52180-52075 then, the Index may re-visit 51985-51950-51825-51735-51660 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.583.96 Cr. On the other hand, DIIs continued as net buyer, they bought on the net basis to the tune of Rs.1082.40 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.

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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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