12.02.24-Monday, 08.30 am 

Good Morning all .....

What has happened on Friday? Nifty Index, as expected and written opened on a flat note at 21727; our expected opening band 21715-21685 on the opening move, made a day low 21629.90; further it moved up, made a day high 21804.15 and closed on a positive note at 21782.50 with an intra gain 64.55 points, i.e., 0.30%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 21805-21820-21850 levels; if open, trade and sustain above 21850 then, the index may test 21880-21905-21930-21960-21980-22005-22020-22055 levels. On the other hand, the immediate support lies at 21750-21725 if, the Index moves below 21725 then, it may try to re-visit 21695-21670-21650-21630-21610-21575-21540-21480 levels.

Special Mention: On Friday, Nifty Index continued the down ward rally, made a low 21629.90, the mild intra pull back lifted the index till 21804 and closed below our support levels i.e., 21840. As written earlier, it looks difficult for the index to move above the recent all time high levels i.e., 22126, unless it moves and closes above 21965-22055 for atleast 2-3 trading sessions, 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 21450 then, the Index may try to re-visit 21140-20975 levels in the near term. Let see how the Index opens today at 21805-21820-21850 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a negative note at 44986.75; on the opening move, it made a day low 44859.15; thereafter, it moved up, made a day high 45718.15 and closed on a positive note at 45634.55 with an intra gain 622.55 points, i.e., 1.38%, today the Nifty Bank Index must move above 45720-45790-45895 levels; if to do so, then it may try to test  46030-46110-46180-46295-46375-46455-46560 levels. On the other hand, any weakness near 45720-45790-45895 further, it moves below 45620-45545 then, the Index may re-visit 45465-45385-45280-45180-45120-45055-44950-44850 levels.

FII's & DII's Funds Flow: On Friday, FIIs turned as a net buyer, they bought on the net basis to the tune of Rs.141.95 Cr. On the other hand, DIIs tunred as a net seller, they sold on the net basis to the tune of Rs.421.87 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 Feb'24-Thursday, 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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