16.09.24-Monday, 08.50 am 

Good Morning all .....

What has happened on Friday? Nifty Index, as expected and written, opened on a positive note at 25430.45, our expected opening band 25420-25435, on the opening move it made a day high 25430.50, further it moved down; made a day low 25292.45 and closed on a negative note at 25356.80 with intra loss 32.40 points, i.e., -0.13%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 25390-25415 levels; if open, trade and sustain above 25415 then, the index may test 25435-25460-25490-25525-25555-25590-25625 levels. On the other hand, the immediate support lies at 25360-25330 if, the Index moves below 25330 then, it may try to re-visit 25290-25270-25255-25225-25190-25160-25125-25095 levels.

Special Mention: On Friday, Nifty Index unable to continue northward rally beyond the recent all time high i.e., 25433.35, made an inside day pattern i.e., not broken the previous day high or low levels and closed well above 25333 levels. Today, the Nifty index must trade, sustain and closes above 25430-25490 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 25390-25415 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a positive note at 51952.55; on the opening move, it made a day low 51643.95 thereafter, it moved up, made a day high 51994.10 and closed on a positive note at 51772.40 with an intra gain 165.65 points, i.e., 0.32%, today Nifty Bank Index must move and trade above 51995-52090 levels; if to do so, then it may try to re-test 52125-52200-52275-52360-52440-52520-52600 levels. On the other hand, any weakness near 51995-52090 further, it moves below 51870-51780 then, the Index may re-visit 51645-51550-51470-51350-51270-51195 levels.

Sensex Index: On Friday, Sensex opened on a positive note at 83091.55; on the opening move, it made a day high 83092.93; thereafter, it moved down, made a day low 82653.22 and closed on a negative note at 82890.94 with an intra loss 71.77 points, i.e., -0.09%, today Sensex must move and trade above 82965-83040-83095 levels; if to do so, then it may try to test 83210-83405-83490-83585-83675-83970 levels. On the other hand, any weakness near 82965-83040-83095 further, it moves below 82820-82775 then, the Index may re-visit 82655-82535-82325-82260-82160-81910-82060-81940 levels.

FII's & DII's Funds Flow: On Friday, FIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2364.82 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.2532.18 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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