19.02.24-Monday, 08.30 am 

Good Morning all .....

What has happened on Friday? Nifty Index, as expected and written opened on a positive note at 22020.30; our expected opening band 21950-21995 on the opening move, made a day low 21968.95; further it moved up, made a day high 22068.65 and closed on a positive note at 22040.70 with an intra gain 129.95 points, i.e., 0.59%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 22040-22065-22095 levels; if open, trade and sustain above 22095 then, the index may test 22125-22155-22195-22225-22255-22290 levels. On the other hand, the immediate support lies at 22015-21975 if, the Index moves below 21975 then, it may try to re-visit 21950-21925-21900-21865-21830-21795-21760-21715 levels.

Special Mention: On Friday, Nifty Index continued the pull back move near our threshold resistance levels i.e, 22065, made a high 22068.65, as stated earlier Nifty Index moved up and closed for the first session above 21965 levels, today if the Index moves and closes above 22095-22125, then it may continue the upward rally till 22290-22390-22500 levels. On the other hand, the support seen at 21950-21750, further weakness below 21750 then, the Index may try to re-visit 21530-21450 levels in the near term. Let see how the Index opens today at 22040-22065-22095 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 46454.30; on the opening move, it made a day low 46264.40; thereafter, it moved up, made a day high 46693.40 and closed on a positive note at 46384.85 with an intra gain 165.95 points, i.e., 0.36%, today the Nifty Bank Index must move above 46480-46570 levels; if to do so, then it may try to re-test 46690-46810-46870-46995-47105-47285-47460 levels. On the other hand, any weakness near 46480-46570 further, it moves below 46310-46265 then, the Index may re-visit 46150-46010-45930-45850-45720-45590 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a net buyer, they bought on the net basis to the tune of Rs.253.28 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.1571 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.

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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