03.09.24-Tuesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a positive at 25333.60, our expected opening band 25245.25270, on the opening move it made a day high 25333.65, further it moved down; made a day low 25235.60 and closed on a positive note at 25278.70 with intra gain 42.80 points, i.e., 0.17%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 25260-25290-25330 levels; if open, trade and sustain above 25330 then, the index may test 25365-25400-25430-25465-25500-25530 levels. On the other hand, the immediate support lies at 25235-25225 if, the Index moves below 25235 then, it may try to re-visit 25195-25150-25105-25055-25010-24965 levels.

Special Mention: Yesterday, Nifty Index continued the northward rally, made a fresh all time high 25333.65 and closed above our threshold support levels i.e., 25190. Today, the Nifty index must trade, sustain and closes above 25270-25335 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 25290-25330-25360 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 51579.50; on the opening move, it made a day high 51579.50; thereafter, it moved down, made a day low 51295.80 and closed on a positive note at 51459.55 with an intra gain 108.55 points, i.e., 0.21%, today Nifty Bank Index must move and trade above 51495-51580 levels; if to do so, then it may try to re-test 51655-51725-51835-51940-52105-52190-52270 levels. On the other hand, any weakness near 51495-51580 further, it moves below 51390-51295 then, the Index may re-visit 51255-51185-51135-51090-51015-50940-50855 levels.

Sensex Index: Yesterday, Sensex opened on a positive note at 82725.28; on the opening move, it made a day high 82725.28; thereafter, it moved down, made a day low 82440.93 and closed on a positive note at 82559.81 with an intra gain 194.07 points, i.e., 0.24%, today Sensex must move and trade above 82615-82725-82800 levels; if to do so, then it may try to test 82910-83020-83120-83170-83385 levels. On the other hand, any weakness near 82615-82725-82800 further, it moves below 82485-82360-82285 then, the Index may re-visit 82150-82095-82015-81850-81715-81580 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.1735.46 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.356.37 Cr. 

INDIA's Macro Data:-

On 02nd  Sep'24, the HSBC Manufacturing PMI data for the month of Aug'24 released, it moved down to 57.50% from 58.10% (Jul'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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