13.09.24-Friday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 25059.65, our expected opening band 24960-24995, on the opening move it made a day low 24941.15, further it moved up; made a day high 25433.35 and closed on a positive note at 25388.90 with intra gain 470.45 points, i.e., 1.85%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 25400-25420-25435 levels; if open, trade and sustain above 25435 then, the index may re-test 25460-25485-25525-25565-25600-25670 levels. On the other hand, the immediate support lies at 25375-25350-25330 if, the Index moves below 25330 then, it may try to re-visit 25290-25270-25245-25220-25185-25160-25130 levels.

Special Mention: Yesterday, Nifty Index continued the northward rally beyond the recent all time high i.e., 25333.65, made a fresh all time 25433.35 and closed well above 25333 levels. Today, the Nifty index must trade, sustain and closes above 25433-25490 then, it may continue the pull back rally to test 25530-25670 levels. On the other hand, the immediate support seen at 25130-24885, further weakness below 24885 then, the Index may try to re-visit 24750-24470 levels in the near term. Let see how the Index opens today near 25400-25420-25435 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 51320; on the opening move, it made a day low 51150 thereafter, it moved up, made a day high 51880 and closed on a positive note at 51772.40 with an intra gain 762.40 points, i.e., 1.47%, today Nifty Bank Index must move and trade above 51825-51880-51945 levels; if to do so, then it may try to re-test 52030-52110-52190-52270-52340-52420-52570 levels. On the other hand, any weakness near 51825-51880-51945 further, it moves below 51750-51635 then, the Index may re-visit 51550-51455-51350-51225-51125-51025 levels.

Sensex Index: Yesterday, Sensex opened on a positive note at 81930.15; on the opening move, it made a day low 81534.29; thereafter, it moved down, made a day high 83116.19 and closed on a positive note at 82962.71 with an intra gain 1439.55 points, i.e., 1.74%, today Sensex must move and trade above 83115-83425 levels; if to do so, then it may try to test 83545-83640-83750-83855 levels. On the other hand, any weakness near 83115-83425 further, it moves below 82935-82715 then, the Index may re-visit 82650-82510-82325-82140-81910-81720-81535 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.7695 Cr. On the other hand, DIIs turned as a net seller, they sold on the net basis to the tune of Rs.1800.54 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 Jul'24 released on 12th Sep'24-Thursday, the Industrial production has gone up to 4.80%; when compared to the Jun'24 level, i.e., 4.20%. 

Annual Inflation data for Aug'24 released on 12th Sep'24-Thursday, the inflation has gone up to 3.65% from Jul'24 level i.e., 3.60%.

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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