08.02.24-Thursday, 08.30 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a positive note at 22045.05; our expected opening band 21965-22010 on the opening move, made a day high 22053.30; further it moved down, made a day low 21860.15 and closed on a flat to positive note at 21930.50 with an intra gain 1.10 points, i.e., 0.01%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 21950-21965-21985 levels; if open, trade and sustain above 21985 then, the index may test 22010-22050-22080-22105-22125-22150-22185-22215-22235 levels. On the other hand, the immediate support lies at 21920-21905-21885 if, the Index moves below 21885 then, it may try to re-visit 21860-21835-21805-21775-21750-21725-21710 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally, made a high 22053.30, the mild intra sell-off dragged till 21860 and closed below our threshold resistance levels i.e.,21960. Today, 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 21950-21965-21985 levels. Today RBI MPC policy meet and Nifty Option weekly expiry, the intra volatility may be high, hence trade with due cauttion is my advice at this juncture.

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 45944.60; on the opening move, it made a day high 46062.85 thereafter, it moved down, made a day low 45620.50 and closed on a positive note at 45818.50 with an intra gain 127.70 points, i.e., 0.28%, today the Nifty Bank Index must move above 45935-46060 levels; if to do so, then it may try to test 46130-46180-46210-46290-46310-46370-46430-46490-46545-46600 levels. On the other hand, any weakness near 45935-46060 further, it moves below 45790-45730 then, the Index may re-visit 45670-45620-45530-45500-45395-45285-45175-45070 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.1691.02 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.327.73 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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