22.02.24-Thursday, 08.30 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a positive note at 22248.55; our expected opening band 22215-22260 on the opening move, made a day high 22249.40; further it moved down, made a day low 21997.95 and closed on a negative note at 22055.05 with an intra loss 141.90 points, i.e., -0.64%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 22055-22075-22100 levels; if open, trade and sustain above 22100 then, the index may test 22125-22150-22175-22195-22220-22250-22290-22320 levels. On the other hand, the immediate support lies at 22125-21995-21975 if, the Index moves below 21975 then, it may try to re-visit 21950-21930-21890-21845-21805-21750 levels.

Special Mention: Yesterday, Nifty Index continued the northward rally, made a fresh all time high i.e., 22249.40, the intra sell-off dragged the index till 21997.95 and closed below 22125 levels. Today, if Nifty index must move and closes above 22250-22290 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 near 22055-22075-22100 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 47363.40; on the opening move, it made a day high 47363.40; thereafter, it moved down, made a day low 46886.95 and closed on a negative note at 47019.70 with an intra loss 74.50 points, i.e., -0.16%, today the Nifty Bank Index must move above 47070-47105 levels; if to do so, then it may try to re-test 47180-47225-47310-47365-47490-47570-47735 levels. On the other hand, any weakness near 47070-47105 further, it moves below 46890-46750 then, the Index may re-visit 46675-46600-46565-46485-46370-46320-46160 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.284.66 Cr. On the other hand, DIIs turned as a net seller, they sold on the net basis to the tune of Rs.411.57 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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