30.07.24-Tuesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a positive note at 24943.30; our expected opening band 24860-24895-24925, on the opening move made a day high 24999.75; further it moved down; made a day high 24774.60 and closed on a positive note at 24836.10 with intra gain 1.25 points, i.e.,0.01%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 24825-24800-24775 levels; if open, trade and sustain above 24825 then, the index may test 24865-24910-24935-24950-24975-25000-25025-25065-25090-25110 levels. On the other hand, the immediate support lies at 24730-24715 if, the Index moves below 24715 then, it may try to re-visit 24685-24645-24590-24535 levels.

Special Mention: Yesterday, Nifty Index continued the northward rally, made a fresh all time high 24999.75, the intra sell-off dragged the index till 24774.80 and closed below 24860 levels. Today, the Nifty index must trade, sustain and closes above 24925-25000 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 24825-24800-24775 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 51546.65; on the opening move, it made a day high 52340.25; thereafter, it moved down, made a day low 51186.95 and closed on a positive note at 51406.25 with an intra gain 110.30 points, i.e.,0.21%, today Nifty Bank Index must move and trade above 51460-51620 levels; if to do so, then it may try to re-test 51695-51760-51830-51900-52000-52100-52130-52340 levels. On the other hand, any weakness near 51460-51620 further, it moves below 51320-51265 then, the Index may re-visit 51185-51025-50950-50875-50780-50660-50570-50440 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a net seller, they sold on the net basis to the tune of Rs.2474.54 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.5665.54 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.

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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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