29.02.24-Thursday, 08.30 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a flat to positive note at 22214.10, our expected opening band 22215-22230-22255; on the opening move, made a day high 22229.15; further it moved down, made a day low 21915.85 and closed on a negative note at 21951.15 with an intra loss 247.20 points, i.e., -1.11%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 21950-21990-22010 levels; if open, trade and sustain above 22010 then, the index may test 22035-22055-22090-22110-22140-22185-22225-22255 levels. On the other hand, the immediate support lies at 21915-21875 if, the Index moves below 21875 then, it may try to re-visit 21825-21795-21765-21735-21715-21685-21650 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally beyond our threshold resistance levels 22225-22255, the intra sell-off dragged the index till our threshold support levels i.e., 21950 and closed just near 21950 levels. Today, Nifty index must trade and closes above 22185-22230-22295 then only, it can continue the upward rally till 22390-22500-22615 levels. On the other hand, the immediate support seen at 21915-21875, 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 21950-21990-22010 levels. Today, we can expect more volatility due to Nifty & BN F&O expiry, month-end factor and Q3 GDP data is expected after market hours, trade with due caution is my advise at this juncture.

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 46640.90; on the opening move, it made a day high 46754.55; thereafter, it moved down, made a day low 45852.55 and closed on a negative note at 45963.15 with an intra loss 624.90 points, i.e., -1.34%, today the Nifty Bank Index must move above 46065-46200 levels; if to do so, then it may try to re-test 46280-46370-46430-46490-46520-46565-46605-46755-46885-47000 levels. On the other hand, any weakness near 46065-46200 further, it moves below 45855-45810-45750 then, the Index may re-visit 45675-45580-45475-45370-45280 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.1879.50 Cr. On the other hand, DIIs  continued as a net buyer, they bought on the net basis to the tune of Rs.1827.45 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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