17.09.24-Tuesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 25406.65, our expected opening band 25390-25415, on the opening move it made a day high 25445.70, further it moved down; made a day low 25336.20 and closed on a positive note at 25383.75 with intra gain 27.25 points, i.e., 0.11%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 25375-25420 levels; if open, trade and sustain above 25420 then, the index may test 25445-25475-25490-25525-25555-25590-25625 levels. On the other hand, the immediate support lies at 25360-25335 if, the Index moves below 25335 then, it may try to re-visit 25305-25280-25255-25230-25190-25165-25125-25100 levels.

Special Mention: Yesterday, Nifty Index continued the northward rally beyond the recent all time high i.e., 25433.35, made a fresh all time high 25445.70 and closed well above 25333 levels. Today, the Nifty index must trade, sustain and closes above 25450-25490 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 25375-25420 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 52038.70; on the opening move, it made a day low 51921.45 thereafter, it moved up, made a day high 52208.70 and closed on a positive note at 52153.15 with an intra gain 215.10 points, i.e., 0.41%, today Nifty Bank Index must move and trade above 52210-52285 levels; if to do so, then it may try to re-test 52360-52440-52520-52600-52735-52870 levels. On the other hand, any weakness near 52210-52285 further, it moves below 52095-52030 then, the Index may re-visit 51990-51920-51845-51725-51580-51430-51335-51245-51100 levels.

Sensex Index: Yesterday, Sensex opened on a positive note at 82985.33; on the opening move, it made a day high 83184.34; thereafter, it moved down, made a day low 82832.82 and closed on a positive note at 82988.75 with an intra gain 97.81 points, i.e., 0.12%, today Sensex must move and trade above 83110-83185 levels; if to do so, then it may try to test 83280-83425-83490-83530-83640-83750-83855 levels. On the other hand, any weakness near 83110-83185 further, it moves below 82950-82875 then, the Index may re-visit 82830-82740-82670-82510-82405-82305-82200-82095 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a net seller, they sold on the net basis to the tune of Rs.1634.98 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.754.09 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 Aug'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.

Research Analyst Disclaimer: Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.