12.09.24-Thursday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a flat note at 25034, our expected opening band 25060-25025-25015, on the opening move it made a day high 25113.70, further it moved down; made a day low 24885.15 and closed on a negaitve note at 24918.45 with intra loss 122.65 points, i.e., -0.49%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 24960-24995 levels; if open, trade and sustain above 24995 then, the index may re-test 25025-25065-25090-25115-25170-25195-25215-25245-25275 levels. On the other hand, the immediate support lies at 24940-24885 if, the Index moves below 24885 then, it may try to re-visit 24855-24825-24795-24775-24755-24715 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally above 25130.70, the intra sell-off dragged the Index till 24885.15 and closed below our threshold support levels i.e., 24970. Today, the Nifty index must trade, sustain and closes above 25070-25130-25175 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 24960-24995 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 51218.55; on the opening move, it made a day high 51420.15; thereafter, it moved down, made a day low 50947.70 and closed on a negative note at 51010 with an intra loss 262.30 points, i.e., -0.51%, today Nifty Bank Index must move and trade above 51060-51130 levels; if to do so, then it may try to re-test 51195-51300-51420-51550-51595-51680-51750 levels. On the other hand, any weakness near 51060-51130 further, it moves below 50950-50820 then, the Index may re-visit 50770-50615-50495-50370-50335 levels.

Sensex Index: Yesterday, Sensex opened on a positive note at 81928.12; on the opening move, it made a day high 82134.95; thereafter, it moved down, made a day low 81423.14 and closed on a negative note at 81523.16 with an intra loss 398.13 points, i.e., -0.49%, today Sensex must move and trade above 81660-81780 levels; if to do so, then it may try to re-test 81865-81980-82055-82135-82330-82550-82615-82725 levels. On the other hand, any weakness near 81660-81780 further, it moves below 81425-81230 then, the Index may re-visit 81050-80900-80705-80510 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.1755 Cr. On the other hand, DIIs continued as a net seller, they sold on the net basis to the tune of Rs.230.90 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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