01.03.24-Friday, 08.30 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a flat note at 21934.20, our expected opening band 21950-21990; on the opening move, made a day low 21860.55; further it moved up, made a day high 22060.55 and closed on a positive note at 21982.80 with an intra gain 31.65 points, i.e., 0.14%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 21980-22200-22035 levels; if open, trade and sustain above 22060 then, the index may test 22060-22085-22120-22150-22170-22185-22205-22230-22255-22295 levels. On the other hand, the immediate support lies at 21960-21935-21900 if, the Index moves below 21900 then, it may try to re-visit 21875-21855-21825-21805-21765 levels.

Special Mention: Yesterday, Nifty Index though it broken our threshold support levels i.e., 21950-21915, made a low 21860.55, the intra pull back lifted the index till 22060.55 and closed above 21950 levels. Today, Nifty index must trade and closes above 22085-22170 then only, it can continue the upward rally till 22295-22390-22500 levels. On the other hand, the immediate support seen at 21875-21750, further weakness below 21750 then, the Index may try to re-visit 21580-21530-21450 levels in the near term. Let see how the Index opens today near 21980-22200-22035 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 45881.45; on the opening move, it made a day low 46661.75; thereafter, it moved up, made a day high 46329.65 and closed on a positive note at 46120.90 with an intra gain 157.75 points, i.e., 0.34%, today the Nifty Bank Index must move above 46180-46255 levels; if to do so, then it may try to re-test 46330-46430-46520-46630-46755-46790-46865-46930-47000 levels. On the other hand, any weakness near 46180-46255 further, it moves below 45920-45820 then, the Index may re-visit 45740-45660-45590-45490-45405-45300 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a net buyer, they bought on the net basis to the tune of Rs.3568.11 Cr. On the other hand, DIIs  turned as a net seller, they sold on the net basis to the tune of Rs.230.21 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 Q3 ending Dec'23 released on 29th Feb'24-Thursday, the GDP has moved up to 8.40% Vs.7.60% (Q2-Sep'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.

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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