26.09.24-Thursday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, contrary to our expectation, opened on a negative note at 25899.45, our expected opening band 25920-25950-25975, on the opening move it made a day low 25871.35, further it moved up; made a day high 26032.80 and closed on a positive note at 26004.15 with intra gain 63.75 points, i.e., 0.25%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 26030-26070 levels; if open, trade and sustain above 26070 then, the index may test 26095-26135-26170-26205-26235-26270 levels. On the other hand, the immediate support lies at 26010-25985 if, the Index moves below 25985 then, it may try to re-visit 25950-25925-25910-25870-25825 levels.

Special Mention: Yesterday, Nifty Index continued the northward rally beyond the recent all time high i.e., 26011.55, made a fresh all time high 26032.80 and closed well above our resistance levels i.e., 25955 levels. Today, the Nifty index must trade, sustain and closes above 26030-26070 then, it may continue the pull back rally to test 26270-26585 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 26030-26070 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 53794; on the opening move, it made a day low 53792.85 thereafter, it moved up, made a day high 54141 and closed on a positive note at 54101.65 with an intra gain 132.85 points, i.e., 0.25%, today Nifty Bank Index must move and trade above 54140-54245 levels; if to do so, then it may try to test 54370-54475-54570-54700-54770 levels. On the other hand, any weakness near 54140-54245 further, it moves below 54030-53925 then, the Index may re-visit 53875-53790-53700-53620-53535-53450-53365 levels.

Sensex Index: Yesterday, Sensex opened on a negative note at 84836.45; on the opening move, it made a day low 84743.04; thereafter, it moved up, made a day high 85247.42 and closed on a positive note at 85169.87 with an intra gain 255.83 points, i.e., 0.30%, today Sensex must move and trade above 85245-85385 levels; if to do so, then it may try to test 85500-85600-85965-86200-86485 levels. On the other hand, any weakness near 85245-85385 further, it moves below 85100-84910 then, the Index may re-visit 84860-84745-84605-84550-84490-84385-84240 levels.

FII's & DII's Funds Flow: Yesterday, FIIs continued as a net seller, they sold on the net basis to the tune of Rs.973.94 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.1778.99 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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