31.07.24-Wednesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a flat note at 24839.40; our expected opening band 24825-24800, on the opening move made a day low 24798.65; further it moved up; made a day high 24971.75 and closed on a positive note at 24857.30 with intra gain 21.20 points, i.e.,0.09%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 24865-24885-24920 levels; if open, trade and sustain above 24920 then, the index may test 24935-24950-24975-25000-25025-25065-25090-25110 levels. On the other hand, the immediate support lies at 24830-24800 if, the Index moves below 24800 then, it may try to re-visit 24775-24750-24725-24700-24650-24605-24580-24555 levels.

Special Mention: Yesterday, Nifty Index unable to continue the northward rally beyond the all time high i.e.,24999.75, the index made an inside day pattern i.e., not broken the previous day high or low 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 24865-24885-24920 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 51383.90; on the opening move, it made a day low 51260.05; thereafter, it moved up, made a day high 51957.75 and closed on a positive note at 51499.30 with an intra gain 93.05 points, i.e.,0.18%, today Nifty Bank Index must move and trade above 51525-51610 levels; if to do so, then it may try to re-test 51690-51780-51830-51930-52025-52120-52230-52340 levels. On the other hand, any weakness near 51525-51610 further, it moves below 51390-51260 then, the Index may re-visit 51165-51025-50950-50885-50780-50660-50570-50440 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.5598.64 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.5565.10 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.

Research Analyst Disclaimer: Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.