19.09.24-Thursday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a flat to negative note at 25402.40, our expected opening band 25405-25420, on the opening move it made a day high 25482.20, further it moved down; made a day low 25285.55 and closed on a negative note at 25377.55 with intra loss 41 points, i.e., -0.16%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 25410-25445 levels; if open, trade and sustain above 25445 then, the index may test 25490-25535-25555-25590-25625-25660 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 25305-25285-25255-25230-25190-25165-25125-25100 levels.

Special Mention: Yesterday, Nifty Index continued the northward rally beyond the recent all time high i.e., 25445.70, made a fresh all time high 25482.20, the intra sell-off dragged the index and closed well above our threshold support levels i.e., 25335. Today, the Nifty index must trade, sustain and closes above 25445-25490 then, it may continue the pull back rally to test 25530-25690-25800 levels. On the other hand, the immediate support seen at 25270-25130, further weakness below 25130 then, the Index may try to re-visit 24885-24750-24470 levels in the near term. Let see how the Index opens today near 25410-25445 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 52177.10; on the opening move, it made a day low 52154.55 thereafter, it moved up, made a day high 52954.20 and closed on a positive note at 52750.40 with an intra gain 561.75 points, i.e., 1.06%, today Nifty Bank Index must move and trade above 52860-52955 levels; if to do so, then it may try to re-test 53060-53170-53260-53355 levels. On the other hand, any weakness near 52860-52955 further, it moves below 52720-52625 then, the Index may re-visit 52555-52460-52365-52275-52155-52060-51940 levels.

Sensex Index: Yesterday, Sensex opened on a negative note at 83037.13; on the opening move, it made a day high 83326.38; thereafter, it moved down, made a day low 82700.63 and closed on a negative note at 82948.23 with an intra loss 131.43 points, i.e., -0.16%, today Sensex must move and trade above 83070-83145-83325 levels; if to do so, then it may try to test 83495-83490-83530-83640-83750-83855 levels. On the other hand, any weakness near 83070-83145-83325 further, it moves below 82940-82700 then, the Index may re-visit 82600-82530-82375-82150-82010 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.1153.69 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.152.31 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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