10.09.24-Tuesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a negative note at 24823.40, our expected opening band 24820-24800, on the opening move it made a day low 24753.15, further it moved up; made a day high 24957.50 and closed on a positive note at 24936.40 with intra gain 84.25 points, i.e., 0.34%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 24955-24985-25010 levels; if open, trade and sustain above 25010 then, the index may test 25045-25075-25095-25120-25160-25210-25245-25275 levels. On the other hand, the immediate support lies at 24895-24865 if, the Index moves below 24865 then, it may try to re-visit 24830-24800-24775-24755-24715-24695-24645 levels.

Special Mention: Yesterday, Nifty Index continued the sell-off, till our threshold support levels i.e., 24770, made a day low 24753, the intra pull back lifted the index till 24957.50 and closed just below threshold resistance levels i.e., 24950. 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 24955-24985-25010 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 50549.25; on the opening move, it made a day low 50369.40; thereafter, it moved up, made a day high 51192.75 and closed on a positive note at 51117.80 with an intra gain 540.95 points, i.e., 1.06%, today Nifty Bank Index must move and trade above 51190-51285 levels; if to do so, then it may try to re-test 51345-51415-51590-51670-51750 levels. On the other hand, any weakness near 51190-51285 further, it moves below 50950-50895 then, the Index may re-visit 50780-50685-50565-50470-50370-50150 levels.

Sensex Index: Yesterday, Sensex opened on a negative note at 80973.75; on the opening move, it made a day low 80895.05; thereafter, it moved up, made a day high 81653.36 and closed on a positive note at 81559.54 with an intra gain 375.61 points, i.e., 0.46%, today Sensex must move and trade above 81655-81755 levels; if to do so, then it may try to test 81860-8196-82130-82250-82420-82615 levels. On the other hand, any weakness near 81655-81755 further, it moves below 81430-80235 then, the Index may re-visit 81185-81075-80985-80895-80690 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a net buyer, they bought on the net basis to the tune of Rs.1176.55 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.1757.02 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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