20.02.24-Tuesday, 08.30 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a positive note at 22103.45; our expected opening band 22065-22095 on the opening move, made a day low 22021.05; further it moved up, made a day high 22186.65 and closed on a positive note at 22122.25 with an intra gain 81.55 points, i.e., 0.37%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 22140-22125-22100 levels; if open, trade and sustain above 22140 then, the index may test 22195-22230-22255-22290-22320-22355 levels. On the other hand, the immediate support lies at 22085-22065-22045 if, the Index moves below 22045 then, it may try to re-visit 22020-21995-21955-21935-21900-21870-21830-21780-21730-21685 levels.

Special Mention: Yesterday, Nifty Index continued the northward rally beyond the recent all time high i.e., 22126, made a fresh all time high 22186.65 and closed just below 22125, as stated earlier Nifty Index moved up and closed for the second cosecutive trading above 21965 levels, today if the Index moves and closes above 22125-22185-22230, 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 22140-22125-22100 levels. Trade with due caution at the higher levels since, the Nifty Index continued the uptrend and closing positively for last five consecutive trading session, it may consolidate for 2-3 trading session with downward bias, moreover the volume also not supporting to this fresh rally.  

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 46554.90; on the opening move, it made a day low 46317.70; thereafter, it moved up, made a day high 46717.40 and closed on a positive note at 46535.30 with an intra gain 150.65 points, i.e., 0.32%, today the Nifty Bank Index must move above 46600-46715 levels; if to do so, then it may try to re-test 46825-46890-46950-47010-47215-47360-47500 levels. On the other hand, any weakness near 46600-46715 further, it moves below 46460-46390 then, the Index may re-visit 46315-46210-46155-46020-45940-45855-45590-45720-44590 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.754.59 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.452.70 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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