25.07.24-Thursday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a negative note at 24444.95; our expected opening band 24430-24400-24370, on the opening move made a day high 24504.25; further it moved down; made a day low 24307.25 and closed on a negative note at 24413.50 with intra loss 65.55 points, i.e.,-0.27%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note with gap down by tracking the global indices near 24310-24260 levels; if open, trade and sustain above 24310 then, the index may re-test 24355-24380-24415-24455-24485-24505-24555-24590-24625 levels. On the other hand, the immediate support lies at 24260-24210 if, the Index moves below 24210 then, it may try to re-visit 24165-24120-24075-24050-23985-23950 levels.

Special Mention: Yesterday, Nifty Index unable to continue the northward rally, the consolidation move not broken the previous day high or low point, made an inside day pattern and closed below our threshold support level i.e., 24465 levels. Today, the Nifty index must trade, sustain and closes above 24505-24625 then, it may continue the northward rally to re-test 24765-24855 levels. On the other hand, the immediate support seen at 24075-23950, further weakness below 23950 then, the Index may try to re-visit 23810-23490-23350 levels in the near term. Let see how the Index opens today near 24310-24260 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 51657.85; on the opening move, it made a day high 51944.65; thereafter, it moved down, made a day low 50784.25 and closed on a negative note at 51317 with an intra loss 461.30 points, i.e.,-0.90%, today Nifty Bank Index must move and trade above 51365-51500 levels; if to do so, then it may try to re-test 51605-51700-51790-51870-51945-52025-52205-52260 levels. On the other hand, any weakness near 51365-51500 further, it moves below 51225-51060-50995 then, the Index may re-visit 50785-50670-50575-50440-50250-50170-50090 levels.

FII's & DII's Funds Flow: Yesterday, FIIs continued as a net seller, they sold on the net basis to the tune of Rs.5130.90 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.3137.30 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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