28.08.24-Wednesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a flat note at 25024.80, our expected opening band 25030-25000, on the opening move it made a day low 24973.65, further it moved up; made a day high 25073.10 and closed on a flat to positive note at 25017.75 with intra gain 7.15 points, i.e.,0.03%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 25010-24995-24975 levels; if open, trade and sustain above 25010 then, the index may test 25040-25075-25100-25125-25160-25195-25220 levels. On the other hand, the immediate support lies at 24975-24955 if, the Index moves below 24955 then, it may try to re-visit 24920-24885-24845-24805-24770 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally near all time high i.e., 25078.30, made a intra high 25073.10 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 the northward rally to test 25160-25240-25400 levels. On the other hand, the immediate support seen at 24730-24625, further weakness below 24625 then, the Index may try to re-visit 24480-24345-24100 levels in the near term. Let see how the Index opens today near 25010-24995-24975 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 51214.05; on the opening move, it made a day low 50938.10; thereafter, it moved up, made a day high 51404.70 and closed on a positive note at 51278.75 with an intra gain 130.65 points, i.e., 0.25%, today Nifty Bank Index must move and trade above 51270-51350 levels; if to do so, then it may try to re-test 51405-51510-51620-51725-51835-51940 levels. On the other hand, any weakness near 51270-51350 further, it moves below 51150-51050 then, the Index may re-visit 50940-50830-50740-50585-50460-50335 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.1503.76 Cr. On the other hand, DIIs turned as a net seller, they sold on the net basis to the tune of Rs.604.08 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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