15.07.24-Monday, 08.50 am 

Good Morning all .....

What has happened on Friday? Nifty Index, as expected and written opened on a positive note at 24387.95; our expected opening band 24355-24375-24400, on the opening move made a day low 24331.15; further it moved up; made a day high 24592.20 and closed on a positive note at 24502.15 with intra gain 186.20 points, i.e.,0.76%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 24515-24535-24560 levels; if open, trade and sustain above 24560 then, the index may test 24590-24625-24660-24690-24715 levels. On the other hand, the immediate support lies at 24485-24460 if, the Index moves below 24460 then, it may try to re-visit 24430-24395-24360-24330-24310-24280-24260-24245-24195-24165-24140 levels.

Special Mention: On Friday, Nifty Index continued the northward rally, made a fresh all time high 24592.20 and closed below our threshold resistance level i.e., 24475 levels. Today, the Nifty index must trade, sustain and closes above 24600-24665 then, it may continue the northward rally to test 24850-25000 levels. On the other hand, the immediate support seen at 24460-23990, 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 24515-24530-24560 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a positive note at 52272.65; on the opening move, it made a day high 52794.55; thereafter, it moved down, made a day low 52171.15 and closed on a positive note at 52278.90 with an intra gain 8.25 points, i.e.,0.02%, today Nifty Bank Index must move and trade above 52395-52490 levels; if to do so, then it may try to re-test 52570-52675-52795-52885-52960-53015-53175 levels. On the other hand, any weakness near 52395-52490 further, it moves below 52245-52170-52150 then, the Index may re-visit 52070-51995-51875-51825-51750-51660-51570-51400 levels.

FII's & DII's Funds Flow: On Friday, FIIs turned as a net buyer, they bought on the net basis to the tune of Rs.4021.60 Cr. On the other hand, DIIs turned as net seller, they sold on the net basis to the tune of Rs.1651.45 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 May'24 released on 12th Jul'24-Friday, the Industrial production has gone up to 5.90%; when compared to the Apr'24 level, i.e.,5%. 

Annual Inflation data for Jun'24 released on 12th Jul'24-Friday, the inflation has gone up to 5.08% from May'24 level i.e., 4.75%.

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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