26.02.24-Monday, 08.30 am 

Good Morning all .....

What has happened on Friday? Nifty Index, as expected and written opened on a positive note at 22290, our expected opening band 22250-22290 on the opening move, made a day high 22297.50; further it moved down, made a day low 22186.10 and closed on a negative note at 22212.70 with an intra loss 4.75 points, i.e., -0.02%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 22230-22210-22175 levels; if open, trade and sustain above 22230 then, the index may test 22260-22295-22325-22360-22395-22425-22450 levels. On the other hand, the immediate support lies at 22170-22150 if, the Index moves below 22150 then, it may try to re-visit 22130-22100-22070-22035-22005-21975-21950-21925-21875-21850-21825 levels.

Special Mention: On Friday, Nifty Index continued the northward rally, made a fresh all time high 22297.50, the mild intra sell-off dragged the index till 22186 and closed well above 22200 levels. Today, Nifty index must trade and closes above 22290-22390 then, it may continue the upward rally till 22500-22615 levels. On the other hand, the support seen at 22125-21950, further weakness below 21950 then, the Index may try to re-visit 21750-21530-21450 levels in the near term. Let see how the Index opens today near 22230-22210-22175 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a positive note at 47070.60; on the opening move, it made a day high 47245.35; thereafter, it moved down, made a day low 46723.15 and closed on a negative note at 46811.75 with an intra loss 108.05 points, i.e., -0.23%, today the Nifty Bank Index must move above 46880-46960 levels; if to do so, then it may try to re-test 47085-47200-47260-47320-47400-47490-47580 levels. On the other hand, any weakness near 46880-46960 further, it moves below 46725-46650 then, the Index may re-visit 46540-46430-46320-46240-46160-46000 levels.

FII's & DII's Funds Flow: On Friday, FIIs turned as a net buyer, they bought on the net basis to the tune of Rs.1275.99 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.176.69 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). Next GDP data for the Q3 ending till Dec'23, is expected on 29th Feb'24-Thursday.

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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