15.02.24-Thursday, 08.30 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a negative note at 21664.30; our expected opening band 21705-21665-21630 on the opening move, made a day low 21530.20; further it moved up, made a day high 21870.85 and closed on a positive note at 21840.05 with an intra gain 96.80 points, i.e., 0.45%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 21870-21900 levels; if open, trade and sustain above 21900 then, the index may test 21940-21965-21995-22025-22055-22095 levels. On the other hand, the immediate support lies at 21830-21795 if, the Index moves below 21795 then, it may try to re-visit 21770-21740-21700-21660-21610-21570-21545-21515 levels.

Special Mention: Yesterday, Nifty Index continued the down ward rally, made a low 21530.20, further the intra pull back lifted the Index till 21870.85 and closed well above our support levels i.e., 21750. As written earlier last week, it looks difficult for the index to move above the recent all time high levels i.e., 22126.80 for time being, 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 21515-21450, further weakness below 21450 then, the Index may try to re-visit 21330-21140-20975 levels in the near term. Let see how the Index opens today at 21870-21900 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 45014.65; on the opening move, it made a day low 44860.75; thereafter, it moved up, made a day high 46170.45 and closed on a positive note at 45908.30 with an intra gain 405.90 points, i.e., 0.89%, today the Nifty Bank Index must move above 45955-46020 levels; if to do so, then it may try to re-test 46095-46170-46265-46365-46490-46525-46610 levels. On the other hand, any weakness near 45955-46020 further, it moves below 45890-45785  then, the Index may re-visit 45670-45515-45360-45265-45170-45015-44935-44860 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.3929.60 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2897.98 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 Dec'23 released on 12th Feb'24-Monday, the Industrial production has moved up to 3.80% when compared to the Nov'23 level, i.e.,2.40%. 

Annual Inflation data for Jan'24 released on 12th Feb'24-Monday, the inflation has come down to 5.10% from Dec'23 level i.e., 5.69%.

WPI Inflation data for the month of Jan'24 released on 14th Feb'24-Wednesday, it has come down to 0.27% as against the Dec'23 level i.e.,0.73%.

Wishing you for a safe, secured and profitable trading.

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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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