02.03.24-Saturday, 08.30 am - Special Live Trading Session

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a positive note at 22048.30, our expected opening band 22000-22030; on the opening move, made a day low 22047.75; further it moved up, made a day high 22353.30 and closed on a positive note at 22338.75 with an intra gain 355.95 points, i.e., 1.62%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 22355-22395 levels; if open, trade and sustain above 22395 then, the index may test 22415-22435-22450-22475-22500-22515 levels. On the other hand, the immediate support lies at 21295-21255 if, the Index moves below 21255 then, it may try to re-visit 22235-22200-22165-22120-22085-22050 levels.

Special Mention: Yesterday, Nifty Index continued its northward rally beyond the recent all time high i.e., 22297.50, made a new high 22353.30 and closed above 22300 levels. Today, Nifty index must continue to trade and closes above 22300-22395 then, it may continue the upward rally till 22500-22620-22735 levels. On the other hand, the immediate support seen at 22125-21860, further weakness below 21860 then, the Index may try to re-visit 21750-21530 levels in the near term. Let see how the Index opens today near 22355-22395 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 46218; on the opening move, it made a day low 46218; thereafter, it moved up, made a day high 47342.25 and closed on a positive note at 47286.90 with an intra gain 1166.90 points, i.e., 2.53%, today the Nifty Bank Index must move above 47340-47365-47460 levels; if to do so, then it may try to re-test 47570-47650-47735-47830-47905 levels. On the other hand, any weakness near 47340-47365-47460 further, it moves below 47210-47100 then, the Index may re-visit 47010-46910-46865-46710-46650-46510 levels.

FII's & DII's Funds Flow: Yesterday, FIIs continued as a net buyer, they bought on the net basis to the tune of Rs.128.94 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.3814.53 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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