26.08.24-Monday, 08.50 am 

Good Morning all .....

What has happened on Friday? Nifty Index, opened at 24845.30, on the opening move made a day high 24858.40, further it moved down; made a day low 24771.65 and closed on a flat to positive note at 24823.15 with intra marginal gain 11.65 points, i.e.,0.05%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 24865-24885 levels; if open, trade and sustain above 24885 then, the index may re-test 24910-24945-24975-25000-25040-25075 levels. On the other hand, the immediate support lies at 24845-24795 if, the Index moves below 24795 then, it may try to re-visit 24770-24735-24705-24655-24610-24575 levels.

Special Mention: On Friday, Nifty Index continued the pull back rally till 24858 and closed above our threshold support levels i.e., 24780. Today, the Nifty index must trade, sustain and closes above 24865-24885 then, it may continue the pull back rally to re-test 24955-25075 levels. On the other hand, the immediate support seen at 24655-24470, further weakness below 24470 then, the Index may try to re-visit 24100-23895 levels in the near term. Let see how the Index opens today near 24865-24885 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a positive note at 51040.85; on the opening move, it made a day high 51117.85; thereafter, it moved down, made a day low 50856.70 and closed on a negative note at 50933.45 with an intra loss 52.25 points, i.e., -0.10%, today Nifty Bank Index must move and trade above 51020-51118 levels; if to do so, then it may try to re-test 51190-51315-51430-51555-51660 levels. On the other hand, any weakness near 51020-51118 further, it moves below 50920-50855 then, the Index may re-visit 50725-50630-50520-50425-50335-50285 levels.

FII's & DII's Funds Flow: On Friday, FIIs continued as a net buyer, they bought on the net basis to the tune of Rs.1944.48 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2896.02 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 Jul'24 released on 14th Aug'24-Wednesday, it has come down to 2.04% as against the Jun'24 level i.e.,3.36%.

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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