09.09.24-Monday, 08.50 am 

Good Morning all .....

What has happened on Friday? Nifty Index, as expected and written, opened on a negative note at 25093.70, our expected opening band 25145-25125-25085, on the opening move it made a day high 25168.75, further it moved down; made a day low 24801.30 and closed on a negative note at 24852.15 with intra loss 292.95 points, i.e., -1.18%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note near 24820-24800-24770 levels; if open, trade and sustain above 24820 then, the index may test 24855-24895-24940-24980-25035-25060-25095-25135-25170-25220 levels. On the other hand, the immediate support lies at 24770-24720 if, the Index moves below 24720 then, it may try to re-visit 24680-24645-24605-24570-24535-24500-24475 levels.

Special Mention: On Friday, Nifty Index continued the sell-off, made a day low 24801 and closed below threshold support levels i.e., 24970. Today, the Nifty index must trade, sustain and closes above 24970-25070 then, it may continue the pull back rally to test 25170-25335-25400 levels. On the other hand, the immediate support seen at 24770-24715, further weakness below 24715 then, the Index may try to re-visit 24470-24100 levels in the near term. Let see how the Index opens today near 24820-24800-24770 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a negative note at 51200.40; on the opening move, it made a day high 51380.05; thereafter, it moved down, made a day low 50447.30 and closed on a negative note at 50576.85 with an intra loss 896.20 points, i.e., -1.77%, today Nifty Bank Index must move and trade above 50665-50750 levels; if to do so, then it may try to re-test 50865-50945-51025-51100-51175-51250-51380-51470 levels. On the other hand, any weakness near 50665-50750 further, it moves below 50550-50445 then, the Index may re-visit 50330-50195-50150-50025-49960 levels.

Sensex Index: On Friday, Sensex opened on a negative note at 82171.08; on the opening move, it made a day high 82254.79; thereafter, it moved down, made a day low 80981.03 and closed on a negative note at 81183.93 with an intra loss 1022.23 points, i.e., -1.26%, today Sensex must move and trade above 81315-81470 levels; if to do so, then it may try to test 81600-81800-81990-82130-82255 levels. On the other hand, any weakness near 81315-81470 further, it moves below 81130-80980 then, the Index may re-visit 80805-80635-80580-80355-80075 levels.

FII's & DII's Funds Flow: On Friday, FIIs continued as a net seller, they sold on the net basis to the tune of Rs.2121.53 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.620.95 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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