22.07.24-Monday, 08.50 am 

Good Morning all .....

What has happened on Friday? Nifty Index, as expected and written opened on a positive note at 24853.80; our expected opening band 24835-23875, on the opening move made a day high 24854.80; further it moved down; made a day low 24508.15 and closed on a negative note at 24530.90 with intra loss 269.95 points, i.e.,-1.10%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note near 24510-24460-24415 levels; if open, trade and sustain above 24510 then, the index may test 24545-24585-24640-24680-24720-24750-24780-24815 levels. On the other hand, the immediate support lies at 24415-24360 if, the Index moves below 24360 then, it may try to re-visit 24335-24310-24270-24225-24195 levels.

Special Mention: On Friday, Nifty Index continued the northward rally, made a fresh all time high i.e., 24854.80, the intra sell-off dragged the index till 24505 and closed below our threshold support level i.e., 24660 levels. Today, the Nifty index must trade, sustain and closes above 24680-24855 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 24510-24460-24415 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a negative note at 52531.55; on the opening move, it made a day high 52586.75; thereafter, it moved down, made a day low 52146.30 and closed on a negative note at 52265.60 with an intra loss 738.81 points, i.e.,-0.92%, today Nifty Bank Index must move and trade above 52340-52455 levels; if to do so, then it may try to re-test 52535-52585-52700-52745-52885-52950-53010 levels. On the other hand, any weakness near 52340-52455 further, it moves below 52145-51940 then, the Index may re-visit 51875-51750-51670-51580-51445-51280-51135 levels.

FII's & DII's Funds Flow: On Friday, FIIs continued as a net buyer, they bought on the net basis to the tune of Rs.1506.12 Cr. On the other hand, DIIs continued as a net seller, they sold on the net basis to the tune of Rs.461.56 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.

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