01.08.24-Thursday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a positive note at 24886.70; our expected opening band 24865-24885-24920, on the opening move made a day low 24856.50; further it moved up; made a day high 24984.60 and closed on a positive note at 24951.15 with intra gain 93.85 points, i.e.,0.38%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 24985-25020 levels; if open, trade and sustain above 25020 then, the index may test 25065-25090-25110-25150-25175-25195 levels. On the other hand, the immediate support lies at 24945-24920-24905 if, the Index moves below 24905 then, it may try to re-visit 24885-24855-24830-24800-24770-24730 levels.

Special Mention: Yesterday, Nifty Index unable to continue the northward rally beyond the all time high i.e.,24999.75, the index moved near all time high and closed above 24925 levels. Today, the Nifty index must trade, sustain and closes above 25000-25065 then, it may continue the rallly to test 25245-25635 levels. On the other hand, the immediate support seen at 24775-24580-24350, further weakness below 24350 then, the Index may try to re-visit 24075-23950-23350 levels in the near term. Let see how the Index opens today near 24985-25020 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 51583.45; on the opening move, it made a day low 51335.70; thereafter, it moved up, made a day high 51663.10 and closed on a positive note at 51553.40 with an intra gain 54.10 points, i.e.,0.10%, today Nifty Bank Index must move and trade above 51595-51665 levels; if to do so, then it may try to re-test 51750-51830-51930-52025-52120-52230-52340 levels. On the other hand, any weakness near 51595-51665 further, it moves below 51460-51335 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.3462.36 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.3366.51 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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