07.02.24-Wednesday, 08.30 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a positive note at 21825.20; our expected opening band 21815-21835 on the opening move, made a day low 21737.55; further it moved up, made a day high 21951.40 and closed on a positive note at 21929.40 with an intra gain 157.70 points, i.e., 0.72%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 21965-22010 levels; if open, trade and sustain above 22010 then, the index may test 22040-22080-22125-22155-22185-22215-22235 levels. On the other hand, the immediate support lies at 21900-21880 if, the Index moves below 21880 then, it may try to re-visit 21850-21820-21775-21750-21725-21710 levels.

Special Mention: Yesterday, Nifty Index not broken the recent low i.e.,21726 traded in a range bound and closed well above 21835 levels, now the Index must trade and close above 22010-22125 for atleast 2-3 trading session then only it can continue the rally till 22210-22460 levels. On the other hand, the support seen at 21725-21450, further weakness below 21450 then, the Index may try to re-visit 21330-21140 levels in the near term. Let see how the Index opens today at 21965-22010 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 45891.20; on the opening move, it made a day low 45527 thereafter, it moved up, made a day high 45932.15 and closed on a negative note at 45690.80 with an intra loss 134.75 points, i.e., -0.29%, today the Nifty Bank Index must move above 45785-45930 levels; if to do so, then it may try to test 46050-46130-46210-46290-46370-46430-46490-46600 levels. On the other hand, any weakness near 45785-45930 further, it moves below 45680-45620 then, the Index may re-visit 45530-45500-45395-45285-45175-45070 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.92.52 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.1096.26 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 HSBC Services PMI data for the month of Jan'24 released on 05th Feb'24, it  moved up to 61.80% from 59% (Dec'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%. Next RBI MPC meet will be held on 08th Feb'24-Thursday.

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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