05.02.24-Monday, 08.30 am 

Good Morning all .....

What has happened on Friday? Nifty Index, as expected and written opened on a positive note at 21812.75; our expected opening band 21780-21815 on the opening move, made a day high 22126.80; further it moved down, made a day low 21805.55 and closed on a positive note at 21853.80 with an intra gain 156.35 points, i.e., 0.72%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 21855-21835-21805 levels; if open, trade and sustain above 21855 then, the index may test 21885-21910-21930-21965-21985-22005-22030-22060-22090-22125 levels. On the other hand, the immediate support lies at 21805-21785 if, the Index moves below 21785 then, it may try to re-visit 21750-21710-21660-21610-21575-21530-21485 levels.

Special Mention: On Friday, Nifty Index continued the northward journey till all time high just broken the all time high, made a new high 22126.80, further the intra sell-off dragged till 21805.55 and closed just above 21835 levels, now the Index must trade and close above 22125 for atleast 2-3 trading session then only it can continue the rally till 22210-22460 levels. On the other hand, it looks difficult to move above 22125 since, the double top formation made by Nifty index with Friday's sell-off till 21805, if the sell-off continues today then, the strong support now lies at 21430-21330, further weakness 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 21855-21835-21805 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a positive note at 46568.20; on the opening move, it made a day high 46892.25 thereafter, it moved down made a day low 45901.25 and closed on a negative note at 45970.95 with an intra loss by 217.70 points, i.e., -0.47%, today the Nifty Bank Index must move above 46135-46280 levels; if to do so, then it may try to test 46350-46395-46455-46515-46600-46680-46780-46890-46995 levels. On the other hand, any weakness near 46135-46280 further, it moves below 45900-45770 then, the Index may re-visit 45670-45630-45485-45395-45285-45180-45070 levels.

FII's & DII's Funds Flow: On Friday, FIIs turned as a net buyer, they marginally bought on the net basis to the tune of Rs.70.69 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2463.16 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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