09.02.24-Friday, 08.30 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a positive note at 22009.65; our expected opening band 21965-21985 on the opening move, made a day high 22011.05; further it moved down, made a day low 21665.30 and closed on a negative note at 21717.95 with an intra loss 212.55 points, i.e., -0.97%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 21715-21685-21660 levels; if open, trade and sustain above 21715 then, the index may test 21740-21760-21795-21815-21835-21865-21910-21940-21970-22015-22050 levels. On the other hand, the immediate support lies at 21630-21575 if, the Index moves below 21575 then, it may try to re-visit 21545-21515-21480-21450-21420-21370 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally, made a high 22011, the intra sell-off-cum-profit booking dragged the index below our threshold support levels i.e., 21700, made a low 21665 and closed just above 21700 levels. As written earlier, it looks difficult for the index to move above the recent all time high levels i.e., 22126. Today, the Index must trade and close above 21805-22055 for atleast 2-3 trading session then only it can continue the rally till 22125-22210-22460 levels. On the other hand, the support seen at 21450-21330, further weakness below 21140 then, the Index may try to re-visit 21140-20975 levels in the near term. Let see how the Index opens today at 21715-21685-21660 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 45973.85; on the opening move, it made a day high 46181.20; thereafter, it moved down, made a day low 44893.75 and closed on a negative note at 45012 with an intra loss 806.50 points, i.e., -1.76%, today the Nifty Bank Index must move above 45110-45200levels; if to do so, then it may try to test  45290-453385-45460-45535-45690-45800-45905-46065 levels. On the other hand, any weakness near 45110-45200 further, it moves below 44900-44720 then, the Index may re-visit 44610-44500-44430-44320-44165 levels.

FII's & DII's Funds Flow: Yesterday, FIIs continued as a net seller, they sold on the net basis to the tune of Rs.4933.78 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.5512.32 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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