19.07.24-Friday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a flat to negative note at 24543.80; our expected opening band 24585-24615, on the opening move made a day low 24504.45; further it moved up; made a day high 24837.75 and closed on a positive note at 24800.85 with intra gain 187.85 points, i.e.,0.76%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 24800-24835-24875 levels; if open, trade and sustain above 24875 then, the index may test 24900-24925-24955-24975-25000 levels. On the other hand, the immediate support lies at 24775-24740 if, the Index moves below 24740 then, it may try to re-visit 24710-24675-24645-24630-24610-24580-24540-24505 levels.

Special Mention: Yesterday, Nifty Index continued the northward rally, made a fresh all time high i.e., 24837.75 and closed above our threshold support level i.e., 24660 levels. Today, the Nifty index must trade, sustain and closes above 24800-24850 then, it may continue the northward rally to test 24925-25000 levels. On the other hand, the immediate support seen at 24500-23990, 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 24800-24835-24875 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 52215.05; on the opening move, it made a day low 52168.65; thereafter, it moved up, made a day high 52787.75 and closed on a positive note at 52620.70 with an intra gain 223.90 points, i.e.,0.43%, today Nifty Bank Index must move and trade above 52710-52795 levels; if to do so, then it may try to re-test 52885-52950-53010-53095-53175 levels. On the other hand, any weakness near 52710-52795 further, it moves below 52560-52405 then, the Index may re-visit 52315-52240-52170-52090-52000-51875-51750 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.5483.63 Cr. On the other hand, DIIs continued as a net seller, they sold on the net basis to the tune of Rs.2904.25 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 Jun'24 released on 15th Jul'24-Monday, it has gone up to 3.36% as against the May'24 level i.e.,2.61%.

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.