29.07.24-Monday, 08.50 am 

Good Morning all .....

What has happened on Friday? Nifty Index, as expected and written opened on a flat to positive note at 24423.35; our expected opening band 24425-24445, on the opening move made a day low 24410.90; further it moved up; made a day high 24861.15 and closed on a positive note at 24834.85 with intra gain 428.75 points, i.e.,1.73%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 24860-24895-24925 levels; if open, trade and sustain above 24925 then, the index may test 24955-24980-25010-25045-25070 levels. On the other hand, the immediate support lies at 24815-24760 if, the Index moves below 24760 then, it may try to re-visit 24730-24690-24635-24585-24550 levels.

Special Mention: On Friday, Nifty Index continued the northward rally beyond the recent all time high i.e.,24854.80, made fresh all time high 24861.15 and closed above 24800 levels. Today, the Nifty index must trade, sustain and closes above 24925 then, it may continue the rallly to test 25065-25245 levels. On the other hand, the immediate support seen at 24580-24300-24075, further weakness below 24075 then, the Index may try to re-visit 23950-24810-23350 levels in the near term. Let see how the Index opens today near 24860-24895-24925 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a negative note at 50456.10; on the opening move, it made a day low 50438.30; thereafter, it moved up, made a day high 51398.60 and closed on a positive note at 51295.95 with an intra gain 407.20 points, i.e.,1.59%, today Nifty Bank Index must move and trade above 51340-51400-51475 levels; if to do so, then it may try to re-test 51615-51660-51755-51895-52000-52105 levels. On the other hand, any weakness near 51340-51400-51475 further, it moves below 51140-51030 then, the Index may re-visit 50920-50805-50735-50665-50560-50440 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.2546.38 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2774.31 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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