02.09.24-Monday, 08.50 am 

Good Morning all .....

What has happened on Friday? Nifty Index, as expected and written, opened on a positive at 25249.70, our expected opening band 251920-25220, on the opening move it made a day low 25199.40, further it moved up; made a day high 25268.35 and closed on a positive note at 25235.90 with intra gain 83.95 points, i.e., 0.33%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 25245-25270 levels; if open, trade and sustain above 25270 then, the index may test 25290-25325-25360-25400 levels. On the other hand, the immediate support lies at 25205-25180 if, the Index moves below 25180 then, it may try to re-visit 25150-25120-25080-25035-25030-25000-24965 levels.

Special Mention: On Friday, Nifty Index continued the northward rally, made a fresh all time high 25268.35 and closed above our threshold support levels i.e., 25190. Today, the Nifty index must trade, sustain and closes above 25220-25270 then, it may continue the northward rally to test 25400-25810 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 25225-25245-25270 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a positive note at 51437.45; on the opening move, it made a day high 51466.55; thereafter, it moved down, made a day low 51256 and closed on a flat to positive note at 51351 with an intra gain 198.25 points, i.e., 0.02%, today Nifty Bank Index must move and trade above 51405-51460-51520 levels; if to do so, then it may try to re-test 51620-51725-51835-51940-52100 levels. On the other hand, any weakness near 51405-51460-51520 further, it moves below 51305-51250 then, the Index may re-visit 51200-51140-51065-51000-509-50855 levels.

Sensex Index: On Friday, Sensex opened on a positive note at 82637.03; on the opening move, it made a day high 82637.05; thereafter, it moved down, made a day low 82256.02 and closed on a positive note at 82365.77 with an intra gain 231.16 points, i.e., 0.28%, today Sensex must move and trade above 82445-82500 levels; if to do so, then it may try to test 82635-82740-82910-83020-83120 levels. On the other hand, any weakness near 824456-82500 further, it moves below 82255-82150 then, the Index may re-visit 82050-80910-80770-80540-80320 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.5318.14 Cr. On the other hand, DIIs continued as a net seller, they sold on the net basis to the tune of Rs.3198.07 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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