30.08.24-Friday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a flat note at 25035.30, our expected opening band 25060-25025, on the opening move it made a day low 24998.50, further it moved up; made a day high 25192.90 and closed on a positive note at 25151.95 with intra gain 99.60 points, i.e., 0.40%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 25170-25190-25220 levels; if open, trade and sustain above 25220 then, the index may test 25250-25295-25325-25360-25400 levels. On the other hand, the immediate support lies at 25120-25080 if, the Index moves below 25080 then, it may try to re-visit 25030-25000-24960-24930-24900-24870 levels.

Special Mention: Yesterday, Nifty Index continued the northward rally, made a fresh all time high 25192.90 and closed above our threshold support levels i.e., 25130. Today, the Nifty index must trade, sustain and closes above 25190-25220 then, it may continue the northward rally to test 25400-25810 levels. On the other hand, the immediate support seen at 25000-24770, 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 25170-25190-25220 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 51103.75; on the opening move, it made a day high 51368.95; thereafter, it moved down, made a day low 50984.40 and closed on a flat to positive note at 51143.85 with an intra gain 8.90 points, i.e., 0.02%, today Nifty Bank Index must move and trade above 51175-51250 levels; if to do so, then it may try to re-test 51370-51405-51475-51505-51620-51725-51835-51940 levels. On the other hand, any weakness near 51175-51250 further, it moves below 51075-50985 then, the Index may re-visit 50880-50740-50660-50585-50460-50330-50195 levels.

Sensex Index: Yesterday, Sensex opened on a positive note at 81822.56; on the opening move, it made a day low 81682.78; thereafter, it moved up, made a day high 82285.83 and closed on a positive note at 82134.61 with an intra gain 349.05 points, i.e., 0.42%, today Sensex must move and trade above 82285-82390 levels; if to do so, then it may try to test 82450-82520-82650-82780-82910 levels. On the other hand, any weakness near 82285-82390 further, it moves below 82130-81985 then, the Index may re-visit 81910-81825-81690-81585-81420-81215-81050-80885 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a net buyer, they bought on the net basis to the tune of Rs.3259.56 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2690.85 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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