20.09.24-Friday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 25487.05, our expected opening band 25410-25445, on the opening move it made a day high 25611.95, further it moved down; made a day low 25376.05 and closed on a positive note at 25415.80 with intra gain 38.25 points, i.e., 0.15%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 25455-25495 levels; if open, trade and sustain above 25495 then, the index may test 25540-25585-25625-25660-25695 levels. On the other hand, the immediate support lies at 25430-25405 if, the Index moves below 25405 then, it may try to re-visit 25375-25340-25290-25250-25230-25205-25165 levels.

Special Mention: Yesterday, Nifty Index continued the northward rally beyond the recent all time high i.e., 25482.20, made a fresh all time high 25611.95, the intra sell-off dragged the index till 25376.05 and closed below our threshold support levels i.e., 25435. Today, the Nifty index must trade, sustain and closes above 25540-25625 then, it may continue the pull back rally to test 25690-25800-25915 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 25455-25495 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 52929.55; on the opening move, it made a day high 53353.30 thereafter, it moved down, made a day low 52847.90 and closed on a positive note at 53037.60 with an intra gain 287.20 points, i.e., 0.54%, today Nifty Bank Index must move and trade above 53110-53205 levels; if to do so, then it may try to re-test 53350-53490-53545-53745-53860 levels. On the other hand, any weakness near 53110-53205 further, it moves below 53005-52900 then, the Index may re-visit 52835-52750-52680-52585-52500-52350-52205 levels.

Sensex Index: Yesterday, Sensex opened on a positive note at 83359.17; on the opening move, it made a day high 83773.61; thereafter, it moved down, made a day low 83071.66 and closed on a positive note at 83184.80 with an intra gain 236.57 points, i.e., 0.28%, today Sensex must move and trade above 83290-83420 levels; if to do so, then it may try to test 83500-83620-83770-83980-84255 levels. On the other hand, any weakness near 83290-83420 further, it moves below 83070-82875 then, the Index may re-visit 82600-82460-82320-82150-82000 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.2547.53 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2012.86 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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