23.02.24-Friday, 08.30 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a positive note at 22081.55, our expected opening band 22055-22075-22100 on the opening move, made a day low 21875.25; further it moved up, made a day high 22252.50 and closed on a positive note at 22217.45 with an intra gain 162.40 points, i.e., 0.74%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 22225-22250-22290 levels; if open, trade and sustain above 22290 then, the index may test 22320-22355-22390-22425-22460-22500 levels. On the other hand, the immediate support lies at 22175-22140 if, the Index moves below 22140 then, it may try to re-visit 22125-22090-22065-22045-22020-21985-21950-21920-21875-21845 levels.

Special Mention: Yesterday, Nifty Index continued the sell-off below our suppot levels i.e., 21950, made a low 21875, the intra pull back lifted the Index till 22252.50 and closed above 22195 levels. Today, 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 21950-21875, further weakness below 21875 then, the Index may try to re-visit 21750-21530-21450 levels in the near term. Let see how the Index opens today near 22225-22250-22290 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 46934.55; on the opening move, it made a day low 46426.85; thereafter, it moved up, made a day high 47024.05 and closed on a negative note at 46919.80 with an intra loss 99.90 points, i.e., -0.21%, today the Nifty Bank Index must move above 46955-47025 levels; if to do so, then it may try to re-test 47090-47185-47255-47360-47425-47490-47555-47620 levels. On the other hand, any weakness near 46695-47125 further, it moves below 46885-46795 then, the Index may re-visit 46670-46565-46500-46425-46350-46265-46160 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.1410.05 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.1823.68 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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