05.09.24-Thursday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a negative note with gap down at 25089.95, our expected opening band 25225-25190-25150, on the opening move it made a day low 25083.80, further it moved up; made a day high 25216 and closed on a negative note at 25198.70 with intra loss 81.15 points, i.e., -0.32%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 25215-25235-25260 levels; if open, trade and sustain above 25260 then, the index may test 25300-25330-25365-25400-25465 levels. On the other hand, the immediate support lies at 25175-25145 if, the Index moves below 25145 then, it may try to re-visit 25115-25080-25045-25010-24970-24920-24890-24865 levels.

Special Mention: Yesterday, Nifty Index unable to continue the northward rally, the brief sell-off dragged the index till our threshold support level 25075, made a day low 25083.80 and closed just above threshold 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 25070-24970, further weakness below 24970 then, the Index may try to re-visit 24770-24470 levels in the near term. Let see how the Index opens today near 25215-25235-25260 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 51364.65; on the opening move, it made a day low 51259.90; thereafter, it moved up, made a day high 51503.55 and closed on a negative note at 51400.25 with an intra loss 288.85 points, i.e., -0.56%, today Nifty Bank Index must move and trade above 51460-51505-51570 levels; if to do so, then it may try to re-test 51625-51750-51885-51995-52055-52270 levels. On the other hand, any weakness near 51460-51505-51570 further, it moves below 51350-51260 then, the Index may re-visit 51195-51130-51035-50940-50830-50705 levels.

Sensex Index: Yesterday, Sensex opened on a negative note at 81845.50; on the opening move, it made a day low 81833.69; thereafter, it moved up, made a day high 82408.54 and closed on a negative note at 82352.64 with an intra loss 202.80 points, i.e., -0.25%, today Sensex must move and trade above 82410-82565 levels; if to do so, then it may try to test 82770-82965-83170-83385-83595 levels. On the other hand, any weakness near 82410-82565 further, it moves below 82240-82130 then, the Index may re-visit 82050-81850-81680-81600-81430-81260 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.975.46 Cr. On the other hand, DIIs also, continued as a net buyer, they bought on the net basis to the tune of Rs.97.35 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 Aug'24 released on 04th Sep'24, it moved up to 60.90% from 60.30% (Jul'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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