21.02.24-Wednesday, 08.30 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a flat to negative note at 22099.20; our expected opening band 22125-22100 on the opening move, made a day low 22045.85; further it moved up, made a day high 22215.60 and closed on a positive note at 22196.95 with an intra gain 74.70 points, i.e., 0.34%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 22215-22260-22290 levels; if open, trade and sustain above 22290 then, the index may test 22320-22355-22390-22420-22445 levels. On the other hand, the immediate support lies at 22165-22130 if, the Index moves below 22130 then, it may try to re-visit 22110-22085-22065-22045-22000-21970-21950 levels.

Special Mention: Yesterday, Nifty Index continued the northward rally, made a fresh all time high 22215.60 and closed above 22185. Today, if Nifty index moves and closes above 22260-22290 then it may continue the upward rally till 22390-22500-22615 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 22215-22260-22290 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 46444.90; on the opening move, it made a day low 46367.80; thereafter, it moved up, made a day high 47136.75 and closed on a positive note at 47094.20 with an intra gain 558.70 points, i.e., 1.20%, today the Nifty Bank Index must move above 47135-47215 levels; if to do so, then it may try to re-test 47345-47405-47505-47570-47630-47735 levels. On the other hand, any weakness near 47135-47215 further, it moves below 46910-46805 then, the Index may re-visit 46750-46660-46550-46460-46370-46230-46160 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.1335.51 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.1491.33 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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