29.08.24-Thursday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, contrary to our expectation, opened on a positive note at 25030.80, our expected opening band 25010-24995-24975, on the opening move it made a day low 24964.65, further it moved up; made a day high 25129.60 and closed on a positive note at 25052.35 with intra gain 34.60 points, i.e.,0.14%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 25060-25025 levels; if open, trade and sustain above 25060 then, the index may test 25080-25105-25130-25160-25195-25220 levels. On the other hand, the immediate support lies at 25000-24970 if, the Index moves below 24970 then, it may try to re-visit 24920-24880-24855-24815-24770 levels.

Special Mention: Yesterday, Nifty Index continued the northward rally beyond the all time high i.e., 25078.30, made a fresh all time high 25129.60 and closed below our threshold support levels i.e., 25078. Today, the Nifty index must trade, sustain and closes above 25078-25130 then, it may continue the northward rally to test 25175-25240-25400 levels. On the other hand, the immediate support seen at 24970-24770, further weakness below 24770 then, the Index may try to re-visit 24650-24480-24345 levels in the near term. Let see how the Index opens today near 25060-25025 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 51208.95; on the opening move, it made a day high 51260.75; thereafter, it moved low, made a day low 51033.70 and closed on a negative note at 51143.85 with an intra loss 134.90 points, i.e., -0.26%, today Nifty Bank Index must move and trade above 51260-51320 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 51260-51320 further, it moves below 51035-50995-50870 then, the Index may re-visit 50740-50585-50460-50335-50195 levels.

Sensex Index: Yesterday, Sensex opened on a negative note at 81779.84; on the opening move, it made a day low 81578.32; thereafter, it moved up, made a day high 82039.26 and closed on a positive note at 81785.56 with an intra gain 73.80 points, i.e., 0.09%, today Sensex must move and trade above 81865-81985 levels; if to do so, then it may try to test 82040-82130-82165-82390-82520-82650 levels. On the other hand, any weakness near 81865-81985 further, it moves below 81750-81685 then, the Index may re-visit 81580-81455-81325-81115-80885 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a net seller, they sold on the net basis to the tune of Rs.1347.53 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.439.35 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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