26.07.24-Friday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a negative note with gap down at 24230.95; our expected opening band 24310-24260, on the opening move made a day low 24210.80; further it moved up; made a day high 24426.15 and closed on a negative note at 24406.10 with intra loss 7.40 points, i.e.,-0.03%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 24425-24455 levels; if open, trade and sustain above 24455 then, the index may re-test 24485-24510-24555-24585-24625-24655 levels. On the other hand, the immediate support lies at 24400-24380-24360 if, the Index moves below 24360 then, it may try to re-visit 24330-24295-24260-24235-24210-24160-24120-24075 levels.

Special Mention: Yesterday, Nifty Index continued the sell-off with consolidation move 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 pull back 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 24425-24455 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 50762.30; on the opening move, it made a day high 51006.10; thereafter, it moved down, made a day low 50559.90 and closed on a negative note at 50888.75 with an intra loss 428.25 points, i.e.,-0.84%, today Nifty Bank Index must move and trade above 50935-51005 levels; if to do so, then it may try to re-test 51085-51125-51250-51410-51545-51675-51805-51945 levels. On the other hand, any weakness near 50935-51005 further, it moves below 50935-50835 then, the Index may re-visit 50730-50665-50560-50440-50350-50255-50145 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.2605.49 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2431.69 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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