05.08.24-Monday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a negative note with gap down at 24789; our expected opening band 24905-24855, on the opening move made a day high 24851.90, further it moved down; made a day low 24686.85 and closed on a negative note at 24717.70 with intra loss 293.20 points, i.e., -1.19%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note with gap down by tracking the global indices near 24640-24580 levels; if open, trade and sustain above 24640 then, the index may test 24685-24720-24750-24775-24795-24820-24850-24895 levels. On the other hand, the immediate support lies at 24540-24515 if, the Index moves below 24515 then, it may try to re-visit 24455-24420-24385-24345-24310-24280-24250-24210-24140-24105-24075 levels.

Special Mention: On Friday, Nifty Index unable to continue the northward rally beyond all time high i.e.,25078.30, the weak global cues triggered a sell-off, the Nifty  index dragged till 24686.85 and closed below our threshold support levels i.e, 24785 levels. Today, the Nifty index must trade, sustain and closes above 24785-24855 then, it may continue the pull back rally to re-test 24955-25075 levels. On the other hand, the immediate support seen at 24580-24455, further weakness below 24455 then, the Index may try to re-visit 24265-24140-24075-23965 levels in the near term. Let see how the Index opens today near 24640-24580 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a negative note at 51172.25; on the opening move, it made a day high 51608.70; thereafter, it moved down, made a day low 51087.85 and closed on a negative note at 51350.15 with an intra loss 213.85 points, i.e., -0.42%, today Nifty Bank Index must move and trade above 51450-51610 levels; if to do so, then it may try to re-test 51750-51875-51990-52025-52120-52230-52340 levels. On the other hand, any weakness near 51450-51610 further, it moves below 51210-51090-50945 then, the Index may re-visit 50885-50780-50660-50575-50440-50300-50150-49720 levels.

FII's & DII's Funds Flow: On Friday, FIIs turned as a net seller, they sold on the net basis to the tune of Rs.3310 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.2965.94 Cr. 

INDIA's Macro Data:-

On 01st Aug'24, the HSBC Manufacturing PMI data for the month of Jul'24 released, it moved up to 58.10% from 58.30% (Jun'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%. Next RBI Policy meet will be held on 08th Aug'2024-Thursday.

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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