08.08.24-Thursday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a positive note at 24289.40, our expected opening band 24120-24175, on the opening move made a day low 24184.90, further it moved up; made a day high 24337.70 and closed on a posiitve note at 24297.50 with intra gain 304.95 points, i.e., 1.26%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note near 24245-24185-24140 levels; if open, trade and sustain above 24245 then, the index may re-test 24290-24335-24380-24415-24485-24555-24580-24625-24680 levels. On the other hand, the immediate support lies at 24110-24080 if, the Index moves below 24080 then, it may try to re-visit 24010-23950-23895-23845-23795-23750-23730-23665 levels.

Special Mention: Yesterday, Nifty Index traded on a consolidation mode, made an inside day pattern i.e., not broken the previous day high or low point and closed above our threshold support levels i.e, 24175 levels. Today, the Nifty index must trade, sustain and closes above 24380-24570 then, it may continue the pull back rally to re-test 24850-25075 levels. On the other hand, the immediate support seen at 24075-23965-23895, further weakness below 23895 then, the Index may try to re-visit 23750-23400-23180 levels in the near term. Let see how the Index opens today near 24245-24185-24140 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 50286.20; on the opening move, it made a day low 49782.20; thereafter, it moved up, made a day high 50292.45 and closed on a positive note at 50119 with an intra gain 370.70 points, i.e., 0.74%, today Nifty Bank Index must move and trade above 50140-50290 levels; if to do so, then it may try to re-test 50385-50430-50485-50560-50680-50840-50970-51150-51315 levels. On the other hand, any weakness near 50140-50290 further, it moves below 49945-49780 then, the Index may re-visit 49660-49480-49360-49290-49180-49070-48980-48860 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.3314.76 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.3801.21 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.

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.