14.08.24-Wednesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a flat to negative note at 24342.35, our expected opening band 24340-24310, on the opening move made a day high 24359.95, further it moved down; made a day low 24116.50 and closed on a negative note at 24139 with intra loss 208 points, i.e., -0.86%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 24140-24175-24210 levels; if open, trade and sustain above 24210 then, the index may re-test 24235-24255-24290-24330-24360-24390-24425-24445-24470-24485 levels. On the other hand, the immediate support lies at 24115-24080 if, the Index moves below 24080 then, it may try to re-visit 24050-24030-23995-23960-23895-23850-23805 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally beyond 24472.80, the down ward move draaged the index till 24116.50 and closed below our threshold levels i.e., 24265. Today, the Nifty index must trade, sustain and closes above 24380-24480 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 24140-24175-24210 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 50395.35; on the opening move, it made a day high 50559.25; thereafter, it moved down, made a day low 49785.10 and closed on a negative note at 49831.85 with an intra loss 746.10 points, i.e., -1.50%, today Nifty Bank Index must move and trade above 49970-50100 levels; if to do so, then it may try to re-test 50170-50245-50330-50410-50485-50560-50665-50770 levels. On the other hand, any weakness near 49970-50100 further, it moves below 49785-49660 then, the Index may re-visit 49575-49510-49420-49340-49285-49175-49080 levels.

FII's & DII's Funds Flow: Yesterday, FIIs continued as a net seller, they sold on the net basis to the tune of Rs.2107.17 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.1239.96 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 Jun'24 released on 12th Aug'24-Monday, the Industrial production has come down to 4.20%; when compared to the May'24 level, i.e.,5.90%. 

Annual Inflation data for Jul'24 released on 12th Aug'24-Monday, the inflation has come down to 3.54% from Jun'24 level i.e., 5.08%.

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.