11.09.24-Wednesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 24999.40, our expected opening band 24955-24985-25010, on the opening move it made a day low 24896.80, further it moved up; made a day high 25130.50 and closed on a positive note at 25041.10 with intra gain 104.70 points, i.e., 0.42%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 25060-25025-25015 levels; if open, trade and sustain above 25060 then, the index may test 25080-25130-25160-25195-25215-25245-25275 levels. On the other hand, the immediate support lies at 24985-24960 if, the Index moves below 24960 then, it may try to re-visit 24925-24895-24865-24835-24800-24775-24755-24715 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally, made a day high 25130.70 and closed below threshold resistance levels i.e., 25075. Today, the Nifty index must trade, sustain and closes above 25170-25275 then, it may continue the pull back rally to test 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 25065-25025-25015 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a posiitve note at 51328.30; on the opening move, it made a day low 50958.25; thereafter, it moved up, made a day high 51366 and closed on a positive note at 51272.30 with an intra gain 154.50 points, i.e., 0.30%, today Nifty Bank Index must move and trade above 51365-51475 levels; if to do so, then it may try to re-test 51590-51640-51750-51875 levels. On the other hand, any weakness near 51365-51475 further, it moves below 51200-51115 then, the Index may re-visit 51055-50960-50865-50750-50605-50485-50370 levels.

Sensex Index: Yesterday, Sensex opened on a positive note at 81768.72; on the opening move, it made a day low 81445.30; thereafter, it moved up, made a day high 82196.55 and closed on a positive note at 81921.29 with an intra gain 361.75 points, i.e., 0.44%, today Sensex must move and trade above 81975-82110 levels; if to do so, then it may try to test 82195-82300-82400-82615-82725 levels. On the other hand, any weakness near 81975-82110 further, it moves below 81840-81730 then, the Index may re-visit 81620-81445-81390-81240-81050-80900 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.2208.23 Cr. On the other hand, DIIs turned as a net seller, they sold on the net basis to the tune of Rs.275.37 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 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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