25.09.24-Wednesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, contrary to our expectation, opened on a negative note at 25921.45, our expected opening band 25955-25985, on the opening move it made a day low 25886.85, further it moved up; made a day high 26011.55 and closed on a positive note at 25940.40 with intra gain 1.35 points, i.e., 0.01%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 25920-25950-25975 levels; if open, trade and sustain above 25975 then, the index may test 26010-26035-26070-26095-26135-26170 levels. On the other hand, the immediate support lies at 25890-25855 if, the Index moves below 25855 then, it may try to re-visit 25810-25780-25750-25720-25685-25650-25610 levels.

Special Mention: Yesterday, Nifty Index continued the northward rally beyond the recent all time high i.e., 25956, made a fresh all time high 26011.55 and closed well above our resistance levels i.e., 25915 levels. Today, the Nifty index must trade, sustain and closes above 25950-26010 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 25920-25950-25975 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 54110.65; on the opening move, it made a day high 54247.70 thereafter, it moved down, made a day low 53904.65 and closed on a negative note at 53968.80 with an intra loss 137 points, i.e., -0.25%, today Nifty Bank Index must move and trade above 54035-54145-54245 levels; if to do so, then it may try to test 54340-54460-54570-54665-54770 levels. On the other hand, any weakness near 54035-54145-54245 further, it moves below 53905-53810 then, the Index may re-visit 53740-53670-53605-53535-53450-53365-53230 levels.

Sensex Index: Yesterday, Sensex opened on a negative note at 84860.73; on the opening move, it made a day low 84716.07; thereafter, it moved up, made a day high 85163.23 and closed on a negative note at 84914.04 with an intra loss 14.57 points, i.e., -0.02%, today Sensex must move and trade above 85030-85165 levels; if to do so, then it may try to test 85285-85365-85600-85965-86200-86485 levels. On the other hand, any weakness near 85030-85165 further, it moves below 84885-84715 then, the Index may re-visit 84620-84490-84340-84140-83940 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.2784.14 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.3868.31 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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