04.09.24-Wednesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a flat to positive at 25313.40, our expected opening band 25290-25330, on the opening move it made a day high 25321.70, further it moved down; made a day low 25235.80 and closed on a positive note at 25279.85 with intra gain 1.15 points, i.e., 0.00%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note with gap down by tracking the global indices near 25225-25190-25150 levels; if open, trade and sustain above 25225 then, the index may test 25260-25300-25330-25365-25400-25465 levels. On the other hand, the immediate support lies at 25150-25105 if, the Index moves below 25105 then, it may try to re-visit 25075-25020-24970-24920-24890-24865 levels.

Special Mention: Yesterday, Nifty Index unable to continue the northward rally above the all time high i.e.,25333.65, traded with range bound move 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 25255-25190-25150 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 51479.75; on the opening move, it made a day low 51240.05; thereafter, it moved up, made a day high 51750.10 and closed on a positive note at 51689.10 with an intra gain 229.55 points, i.e., 0.44%, today Nifty Bank Index must move and trade above 51750-51885 levels; if to do so, then it may try to re-test 51940-52105-52190-52270 levels. On the other hand, any weakness near 51750-51885 further, it moves below 51495-51435-51300 then, the Index may re-visit 51245-51190-51130-51035-50940-50830-50705 levels.

Sensex Index: Yesterday, Sensex opened on a positive note at 82652.69; on the opening move, it made a day high 82675.06; thereafter, it moved down, made a day low 82400.76 and closed on a negative note at 82555.44 with an intra loss 4.40 points, i.e., -0.01%, today Sensex must move and trade above 82675-82750 levels; if to do so, then it may try to test 82910-83020-83120-83170-83385 levels. On the other hand, any weakness near 82675-82750 further, it moves below 82400-82130 then, the Index may re-visit 82015-81850-81715-81580-81430-81260 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.1029.25 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.1896.21 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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