02.08.24-Friday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a positive note at 25030.95; our expected opening band 24985-25020, on the opening move made a day high 25078.30; further it moved down; made a day low 24956.40 and closed on a positive note at 25010.90 with intra gain 59.75 points, i.e.,0.24%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note with gap down by tracking the global indices near 24955-24905-24855 levels; if open, trade and sustain above 24955 then, the index may test 24985-25000-25040-25075-25110 -25150 levels. On the other hand, the immediate support lies at 24855-24800 if, the Index moves below 24800 then, it may try to re-visit 24785-24740-24695-24660-24635-24580 levels.

Special Mention: Yesterday, Nifty Index continued the northward rally beyond all time high i.e.,24999.75, made a new all time high i.e., 25078.30 and closed above 25000 levels. Today, the Nifty index must trade, sustain and closes above 25075-25110 then, it may continue the rallly to test 25245-25635 levels. On the other hand, the immediate support seen at 24795-24580-24350, 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 24955-24905-24855 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 51672.60; on the opening move, it made a day high 51877.15; thereafter, it moved down, made a day low 51456.20 and closed on a positive note at 51564 with an intra gain 10.60 points, i.e.,0.02%, today Nifty Bank Index must move and trade above 51640-51755 levels; if to do so, then it may try to re-test 51875-51990-52025-52120-52230-52340 levels. On the other hand, any weakness near 51640-51755 further, it moves below 51460-51340-51275 then, the Index may re-visit 51165-51025-50950-50885-50780-50660-50570-50440-50300-50160 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a net buyer, they bought on the net basis to the tune of Rs.2089.28 Cr. On the other hand, DIIs turned as a net seller, they sold on the net basis to the tune of Rs.339.03 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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