27.08.24-Tuesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened at 24906.10, our expected opening band 24865-24885, on the opening move made a day low 24874.10, further it moved up; made a day high 25043.80 and closed on a positive note at 25010.60 with intra gain 187.45 points, i.e.,0.75%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 25030-25000 levels; if open, trade and sustain above 25030 then, the index may test 25045-25075-25090-25120-25160-25195-25220 levels. On the other hand, the immediate support lies at 24985-24970 if, the Index moves below 24970 then, it may try to re-visit 24940-24910-24875-24835-24775 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally till 25043.80 and closed above our threshold support levels i.e., 25000. Today, the Nifty index must trade, sustain and closes above 25075 then, it may continue northward rally to test 25160-25240-25400 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 25030-25000 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 51100.65; on the opening move, it made a day low 51061.55; thereafter, it moved up, made a day high 51317.85 and closed on a positive note at 51148.10 with an intra gain 214.65 points, i.e., 0.42%, today Nifty Bank Index must move and trade above 51160-51250 levels; if to do so, then it may try to re-test 51315-51385-51420-51490-51555-51660-51725 levels. On the other hand, any weakness near 51160-51250 further, it moves below 51105-51060 then, the Index may re-visit 51030-50940-50825-50710-50565 levels.

FII's & DII's Funds Flow: Yesterday, FIIs continued as a net buyer, they bought on the net basis to the tune of Rs.483.36 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.1870.22 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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