27.09.24-Friday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 26005.40, our expected opening band 26030-26070, on the opening move it made a day low 25998.40, further it moved up; made a day high 26250.90 and closed on a positive note at 26214.05 with intra gain 209.90 points, i.e., 0.80%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 26220-26250 levels; if open, trade and sustain above 26250 then, the index may test 26270-26295-26320-26345-26375 levels. On the other hand, the immediate support lies at 26175-26155 if, the Index moves below 26155 then, it may try to re-visit 26140-26115-26095-26065-26035-26000-25965-25930 levels.

Special Mention: Yesterday, Nifty Index continued the northward rally beyond the recent all time high i.e., 26032.80, made a fresh all time high 26250.90 and closed well above our resistance levels i.e., 26070 levels. Today, the Nifty index must trade, sustain and closes above 26270 then, it may continue the nothward rally to test 26425-26585 levels. On the other hand, the immediate support seen at 25870-25610, further weakness below 25610 then, the Index may try to re-visit 25430-25285 levels in the near term. Let see how the Index opens today near 26220-26250 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 54045.85; on the opening move, it made a day low 54010.90 thereafter, it moved up, made a day high 54467.35 and closed on a positive note at 54375.35 with an intra gain 273.70 points, i.e., 0.50%, today Nifty Bank Index must move and trade above 54420-54470 levels; if to do so, then it may try to test 54590-54700-54770-54825-54905-54985 levels. On the other hand, any weakness near 54420-54470 further, it moves below 54330-54185 then, the Index may re-visit 54120-54050-54010-53950-53885-53790 levels.

Sensex Index: Yesterday, Sensex opened on a positive note at 85167.56; on the opening move, it made a day low 85106.74; thereafter, it moved up, made a day high 85930.43 and closed on a positive note at 85836.12 with an intra gain 666.25 points, i.e., 0.78%, today Sensex must move and trade above 85930-86150 levels; if to do so, then it may try to test 86200-863540-86485-86600-86800-87000 levels. On the other hand, any weakness near 85930-86155 further, it moves below 85690-85520 then, the Index may re-visit 85420-85275-85105-84900-84765 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a net buyer, they bought on the net basis to the tune of Rs.629.96 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2405.12 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.

Research Analyst Disclaimer: Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.