28.02.24-Wednesday, 08.30 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a negative note at 22090.20, our expected opening band 22125-22105-22075; on the opening move, made a day low 22085.65; further it moved up, made a day high 22218.25 and closed on a positive note at 22198.35 with an intra gain 76.30 points, i.e., 0.34%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 22215-22230-22255 levels; if open, trade and sustain above 22255 then, the index may test 22275-22295-22320-22345-22370-22395 levels. On the other hand, the immediate support lies at 22180-22160 if, the Index moves below 22160 then, it may try to re-visit 22125-22100-22075-22040-22005-21960 levels.

Special Mention: Yesterday, Nifty Index continued the pull back, made a high 22218, not broken the threshold support levels i.e., 22075 and closed well above 22125 levels. Today, Nifty index must trade and closes above 22255-22295 then, it may continue the upward rally till 22390-22500-22615 levels. On the other hand, the support seen at 22075-21950, 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 22215-22230-22255 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 46480.20; on the opening move, it made a day low 46324.90; thereafter, it moved up, made a day high 46722.25 and closed on a flat  to positive note at 46588.05 with an intra gain 11.55 points, i.e., 0.02%, today the Nifty Bank Index must move above 46635-46720 levels; if to do so, then it may try to re-test 46780-46845-46965-47060-47140-47245-47360 levels. On the other hand, any weakness near 46635-46720 further, it moves below 46525-46475-46420 then, the Index may re-visit 46370-46325-46220-46105-46000-45840 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.1509.16 Cr. On the other hand, DIIs  turned as a net buyer, they bought on the net basis to the tune of Rs.2861.56 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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