18.09.24-Wednesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a flat to positive note at 25416.90, our expected opening band 25375-25420, on the opening move it made a day low 25352.25, further it moved up; made a day high 25441.65 and closed on a positive note at 25418.55 with intra gain 34.80 points, i.e., 0.14%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 25405-25420-25445 levels; if open, trade and sustain above 25445 then, the index may test 25465-25490-25525-25555-25590-25625 levels. On the other hand, the immediate support lies at 25385-25350 if, the Index moves below 25350 then, it may try to re-visit 25335-25305-25280-25255-25230-25190-25165-25125-25100 levels.

Special Mention: Yesterday, Nifty Index unable to continue the northward rally beyond the recent all time high i.e., 25445.70, made an inside day pattern i.e., not broken the previous day high and low levels 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 25405-25420-25445 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 52249.05; on the opening move, it made a day low 52085.50 thereafter, it moved up, made a day high 52284.60 and closed on a positive note at 52188.65 with an intra gain 35.50 points, i.e., 0.07%, today Nifty Bank Index must move and trade above 52225-52285 levels; if to do so, then it may try to re-test 52340-52440-52520-52600-52735-52870 levels. On the other hand, any weakness near 52225-52285 further, it moves below 52130-52085 then, the Index may re-visit 52030-51990-51920-51845-51750-51580-51430-51335 levels.

Sensex Index: Yesterday, Sensex opened on a positive note at 83084.63; on the opening move, it made a day low 82866.68; thereafter, it moved up, made a day high 83152.41 and closed on a positive note at 83079.66 with an intra gain 90.91 points, i.e., 0.11%, today Sensex must move and trade above 83150-83185-83230 levels; if to do so, then it may try to test 83325-83425-83490-83530-83640-83750-83855 levels. On the other hand, any weakness near 83150-83185-83230 further, it moves below 83025-82975 then, the Index may re-visit 82865-82790-82670-82510-82405-82305-82200 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a net buyer, they bought on the net basis to the tune of Rs.482.69 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.874.15 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.

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