24.09.24-Tuesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 25872.55, our expected opening band 25850-25885-25915, on the opening move it made a day low 25847.35, further it moved up; made a day high 25956 and closed on a positive note at 25939.05 with intra gain 148.20 points, i.e., 0.57%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 25955-25985 levels; if open, trade and sustain above 25985 then, the index may test 26035-26070-26095-26135-26170 levels. On the other hand, the immediate support lies at 25915-25895 if, the Index moves below 25895 then, it may try to re-visit 25870-25850-25815-25775-25720 levels.

Special Mention: Yesterday, Nifty Index continued the northward rally beyond the recent all time high i.e., 25849.25, made a fresh all time high 25956 and closed well above our resistance levels i.e., 25915 levels. Today, the Nifty index must trade, sustain and closes above 25950-25995 then, it may continue the pull back rally to test 26070-26270 levels. On the other hand, the immediate support seen at 25610-25430, further weakness below 25430 then, the Index may try to re-visit 25285-25130-24885 levels in the near term. Let see how the Index opens today near 25955-25985 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 53917.80; on the opening move, it made a day low 53741.40 thereafter, it moved up, made a day high 54197.95 and closed on a positive note at 54105.80 with an intra gain 312.60 points, i.e., 0.58%, today Nifty Bank Index must move and trade above 54195-54320 levels; if to do so, then it may try to test 54460-54570-54665-54770 levels. On the other hand, any weakness near 54195-54320 further, it moves below 54025-53915 then, the Index may re-visit 53850-53740-53615-53505-53410-53225 levels.

Sensex Index: Yesterday, Sensex opened on a positive note at 84651.15; on the opening move, it made a day low 84607.38; thereafter, it moved up, made a day high 84980.53 and closed on a positive note at 84928.61 with an intra gain 384.30 points, i.e., 0.45%, today Sensex must move and trade above 84980-85080 levels; if to do so, then it may try to test 85195-85230-85365-85600-85965 levels. On the other hand, any weakness near 84980-85080 further, it moves below 84870-84780 then, the Index may re-visit 84695-84605-84490-84340-84140-83945 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.404.42 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.1022.64 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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