06.08.24-Tuesday, 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 24302.85, our expected opening band 24640-24580, on the opening move made a day high 24350.05, further it moved down; made a day low 23893.70 and closed on a negative note at 24055.60 with intra loss 662.10 points, i.e., -2.75%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 24125-24215-24250 levels; if open, trade and sustain above 24250 then, the index may re-test 24295-24325-24350-24415-24475-24530-24580 levels. On the other hand, the immediate support lies at 24075-24015 if, the Index moves below 24015 then, it may try to re-visit 23950-23920-23895-23865-23830-23795-23750-23710-23665 levels.

Special Mention: Yesterday, Nifty Index continued the sell-off due to weak global cues dragged the Index below our threshold support levels i.e, 24075, made a low 23893.70 and closed below 24075 levels. Today, the Nifty index must trade, sustain and closes above 24370-24570 then, it may continue the pull back rally to re-test 24850-25075 levels. On the other hand, the immediate support seen at 23965-23750, further weakness below 23750 then, the Index may try to re-visit 23400-23180-22730 levels in the near term. Let see how the Index opens today near 24125-24215-24250 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 50586.25; on the opening move, it made a day high 50747.55; thereafter, it moved down, made a day low 49719.10 and closed on a negative note at 50092.10 with an intra loss 1258.05 points, i.e., -2.51%, today Nifty Bank Index must move and trade above 50220-50450 levels; if to do so, then it may try to re-test 50535-50640-50755-50925-51050-51150-51245-51415-51570 levels. On the other hand, any weakness near 50220-50450 further, it moves below 50115-49965 then, the Index may re-visit 49720-49530-49435-49320-49270 levels.

FII's & DII's Funds Flow: Yesrerday, FIIs continued as a net seller, they sold on the net basis to the tune of Rs.10073.75 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.9155.55 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 Jul'24 released on 05th Aug'24, it moved down to 60.30% from 60.50% (Jun'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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