02.02.24-Friday, 08.30 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a positive note at 21780.65; our expected opening band 21740-21770 on the opening move, made a day high 21832.95; further it moved down, made a day low 21658.75 and closed on a negative note at 21697.45 with an intra loss 28.25 points, i.e., -0.13%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 21735-21780-21815 levels; if open, trade and sustain above 21815 then, the index may test 21835-21880-21910-21960-22010-22040-22070-22125 levels. On the other hand, the immediate support lies at 21675-21660 if, the Index moves below 21660 then, it may try to re-visit 21635-21610-21575-21515-21480-21450-21430 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally till our threshold resistance levels i.e, 21835, made a high 21832.95 and closed well above 21630 levels, now the Index must trade and close above 21750-21835 for three consecutive trading sessions then only it can re-test 21915-22125, above 22125 then it may test 22210-22460 levels. On the other hand, the strong support now lies at 21430-21330, if the Index moves and closes below 21330 then, the Index may try to re-visit 21140-20870 levels in the near term. Let see how the Index opens today at 21735-21780-21815 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 46164.90; on the opening move, it made a day low 45668.85 thereafter, it moved up, made a day high 46306.90 and closed on a positive note at 46188.65 with an intra gain by 191.85 points, i.e., 0.42%, today the Nifty Bank Index must move above 46305-46480 levels; if to do so, then it may try to test 46580-46700-46825-46995-47170-47320 levels. On the other hand, any weakness near 46305-46480 further, it moves below 46120-45955 then, the Index may re-visit 45910-45820-45670-45580-45495 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.1879.58 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.872.49 Cr. 

INDIA's Macro Data:

On 01st Feb'24, the HSBC Manufacturing PMI data for the month of Jan'24 released, it moved up to 56.50% from 54.90% (Dec'23). Likewise, the S&P Global Services PMI data for the month of Dec'23 released on 05th Jan'24, it  moved up to 59% from 56.90% (Nov'23).

The RBI MPC meet held on 08th Dec'23-Friday, the MPC maintained status quo in the Repo rate without changing the interest rate i.e., 6.50%. 

GDP data for the Q2 ending Sep'23 released on 30th Nov'23-Thursday, the GDP has moved down to 7.60% Vs.7.80% (Q1-Jun'23). 

IIP data for Nov'23 released on 12th Jan'24-Friday, the Industrial production has come down to 2.40% when compared to the Oct'23 level, i.e.,11.60%. 

Annual Inflation data for Dec'23 released on 12th Jan'24-Friday, the inflation has further moved up to 5.69% from Nov'23 level i.e., 5.55%.

WPI Inflation data for the month of Dec'23 released on 15th Jan'24-Monday, it has moved up to 0.73% as against the Nov'23 level i.e.,0.26%.

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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