07.05.2025-Wednesday, 08.55 am

Good Morning all... 

What has happened yesterday? Nifty Index, opened on a positive note at 24500.75, our expected opening band 24400-24445-24490, on the opening move it made a day high 24509.65 further it moved down; made a day low 24331.80 and closed on a negative note at 24379.60 with intra gain 81.55 points, i.e., 0.33%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 24395-24330-24290 levels; if open, trade and sustain above 24395 then, the index may re-test 24410-24440-24470-24505-24550-24590-24605-24630-24680 levels. On the other hand, the immediate support lies at 24260-24200 if, the Index moves below 24200 then, it may try to re-visit 24175-24130-24115-24075-24050-24020-23995-23960-23935 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally beyond the resistance levels i.e.,24600, the brief intra sell-off dragged the Index till 24331.80 and closed just above our threshold support levels i.e., 24360. Today, the Nifty index must trade, sustain and closes above 24475-24525-24600; it may continue the pull back rally to re-test 24675-24855-24950 levels. On the other hand, the immediate support seen at 24330-24200, further weakness below 24200 then, the Index may try to re-visit 24130-24020-23870 levels in the near term. Let see how the Index opens today near 24395-24330-24290 levels.

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 54918.25 on the opening move, it made a high 55036.95 thereafter, it moved down, made a low 54172.95 and closed on a negative note at 54271.40 with an intra loss 648.10 points, i.e., -1.18%, today Nifty Bank Index must move and sustain above 54400-54580 levels; if to do so, then it may try to re-test 54630-54750-54810-54905-55035-55270-55360-55535-55685 levels. On the other hand, any weakness near 54400-54580 further, it moves below 54175-54065 then, the Index may re-visit 53940-53755-53450-53260-53035 levels. 

Sensex Index: Yesterday, Sensex opened on a positive note at 80907.24 on the opening move, it made a day high 80981.58; thereafter, it moved down and made a low 80481.03 and closed on a negative at 80641.07 with an intra loss 155.77 points, i.e., -0.19%, today Sensex must move and sustain above 80715-80835 levels; if to do so, then it may try to re-test 80925-80980-88115-81290-81385-81480-81620 levels. On the other hand, any weakness near 80715-80835 further, it moves below 80600-80480 then, the Index may re-visit 80375-80280-80185-80030-79880 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.3794.52 Cr. On the other hand, DIIs continued as a net buyer they bought on the net basis to the tune of Rs.1397.68 Cr. 

INDIA's Macro Data:-

On 02nd May'25-Friday, the HSBC Manufacturing PMI data-8 for the month of Apr'25 released, it moved up to 497.79 from 58.10 i.e., Mar'25. Likewise, the HSBC Services PMI data for the month of Apr'25 released on 06th May'25-Tuesday, it moved up to 59.70 from 59.50 i.e., Mar'25.

The RBI MPC meet held on 09th Apr'25-Wednesday, the MPC has reduced the Repo rate to 6.00% from the existing rate of 6.25% and it has maintained the CRR-Cash Reserve Ratio at 4%. 

GDP data for the Q3 ending Dec'24 released on 28th Feb'25-Friday, the GDP has moved up to 6.20% Vs.5.60% (Q2-Sep'24).

IIP data for Feb'25 released on 11th Apr'25-Friday, the Industrial production has come down to 2.90%; when compared to the Jan'25 level, i.e., 5.20%. 

Annual Inflation data for Mar'25 released on 15th Apr'25-Tuesday, the inflation has come down to 3.34% from Feb'25 level i.e., 3.61%.

WPI Inflation data for the month of Mar'25 released on 15th Apr'25-Tuesday, it has come down to 2.05% as against the Feb'25 level i.e.,2.38%.

Wishing you for a safe, secured and profitable trading.

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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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