12.07.24-Friday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a positive note at 24395.55; our expected opening band 24365-24400, on the opening move made a day high 24402.65; further it moved down; made a day low 24193.75 and closed on a negative note at 24315.95 with intra loss 9.50 points, i.e.,-0.04%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 24355-24375-24400 levels; if open, trade and sustain above 24400 then, the index may test 24430-24460-24495-24535-24565-24600-24635 levels. On the other hand, the immediate support lies at 24300-24275 if, the Index moves below 24275 then, it may try to re-visit 24245-24220-24195-24165-24135-24105 levels.

Special Mention: Yesterday, Nifty Index unable to continue the northward rally beyond the recent all time high i.e., 24461.05, made an inside day pattern i.e., not broken the previous day high or low point 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 24355-24375-24400 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 52316.90; on the opening move, it made a day high 52400.30; thereafter, it moved down, made a day low 51749.45 and closed on a positive note at 52270.65 with an intra gain 81.35 points, i.e.,0.16%, today Nifty Bank Index must move and trade above 52365-52460 levels; if to do so, then it may try to re-test 52575-52650-52740-52885-52950-53015-53175 levels. On the other hand, any weakness near 52365-52460 further, it moves below 52210-52130 then, the Index may re-visit 51995-51905-51825-51750-51660-51570 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a net seller, they sold on the net basis to the tune of Rs.1137.01 Cr. On the other hand, DIIs continued as net buyer, they bought on the net basis to the tune of Rs.1676.47 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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