27.02.24-Tuesday, 08.30 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a negative note at 22169.90 our expected opening band 22210-22175 on the opening move, made a day high 22202.15; further it moved down, made a day low 22075.15 and closed on a negative note at 22122.05 with an intra loss 90.65 points, i.e., -0.41%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 22125-22105-22075 levels; if open, trade and sustain above 22125 then, the index may test 22160-22175-22200-22235-22250-22270-22295-22350 levels. On the other hand, the immediate support lies at 22070-22040 if, the Index moves below 22040 then, it may try to re-visit 22005-21960-21915-21870-21825 levels.

Special Mention: Yesterday, Nifty Index unable to continue the northward rally, made a high 22202, the intra sell-off dragged the index till 22075 and closed just below 22125 levels. Today, Nifty index must trade and closes above 22200-22295 then, it may continue the upward rally till 22390-22500-22615 levels. On the other hand, the support seen at 22040-21950, 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 22125-22105-22075 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 46615.85; on the opening move, it made a day high 46893.15; thereafter, it moved down, made a day low 46513.55 and closed on a negative note at 46576.50 with an intra loss 235.25 points, i.e., -0.50%, today the Nifty Bank Index must move above 46655-46750 levels; if to do so, then it may try to re-test 46805-46895-47000-47090-47160-47255-47360 levels. On the other hand, any weakness near 46665-46750 further, it moves below 46515-46425 then, the Index may re-visit 46320-46160-46000-45900-45840-45730-45675 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.285.15 Cr. On the other hand, DIIs also turned as a net seller, they sold on the net basis to the tune of Rs.5.32 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.

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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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