12.08.24-Monday, 08.50 am 

Good Morning all .....

What has happened on Friday? Nifty Index, as expected and written opened on a positive note with gap up at 24386.85, our expected opening band 24260-24340, on the opening move made a day high 24419.75, further it moved down; made a day low 24311.20 and closed on a positive note at 24367.50 with intra gain 250.50 points, i.e., 1.03%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 24365-24350-24310 levels; if open, trade and sustain above 24365 then, the index may re-test 24390-24420-24450-24485-24555-24580-24625-24680-24730 levels. On the other hand, the immediate support lies at 24280-24265 if, the Index moves below 24265 then, it may try to re-visit 24240-24420-24175-24125-24075-24050-24015-23985-23955-23895 levels.

Special Mention: On Friday, Nifty Index continue the pull back rally beyond 24380, made a high 24419.75 and closed below our threshold levels i.e., 24380. Today, the Nifty index must trade, sustain and closes above 24420-24480 then, it may continue the pull back rally to re-test 24580-24850-25075 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 24365-24350-24310 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a positive note at 50612.10; on the opening move, it made a day igh 50707.75; thereafter, it moved down, made a day low 50366.45 and closed on a positive note at 50484.50 with an intra gain 327.80 points, i.e., 0.65%, today Nifty Bank Index must move and trade above 50510-50615 levels; if to do so, then it may try to re-test 50705-50795-50840-50970-51150-51315-51550 levels. On the other hand, any weakness near 50510-50615 further, it moves below 50385-50290 then, the Index may re-visit 50185-50060-49910-49780-49660-49480-49375-49290-49180-49070-48980-48860 levels.

FII's & DII's Funds Flow: On Friday, FIIs turned as a net buyer, they bouhgt on the net basis to the tune of Rs.406.72 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.3979.59 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 08th Aug'24-Thursday, 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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