04.03.24-Monday, 08.30 am 

Good Morning all .....

What has happened on Saturday? Nifty Index, as expected and written opened on a positive note at 22406.95, our expected opening band 22355-22395; on the opening move, made a day high 22419.55; further it moved down, made a day low 22367.05 and closed on a positive note at 22378.40 with an intra gain 39.65 points, i.e., 0.18%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 22395-22380-22355 levels; if open, trade and sustain above 22395 then, the index may test 22420-22440-22465-22490-22500-22515-22540-22565 levels. On the other hand, the immediate support lies at 21300-21255 if, the Index moves below 21255 then, it may try to re-visit 22230-22205-22175-22140-22105-22060 levels.

Special Mention: On Saturday, Nifty Index continued its northward rally, made a new high 22419.55 and closed above 22355 levels. Today, Nifty index must continue to trade and closes above 22395-22420 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 22395-22380-22355 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 47377.45; on the opening move, it made a day high 47433.85; thereafter, it moved down, made a day low 47237 and closed on a positive note at 47297.50 with an intra gain 10.60 points, i.e., 0.02%, today the Nifty Bank Index must move above 47375-47485 levels; if to do so, then it may try to re-test 47570-47650-47735-47830-47905-48025-48150 levels. On the other hand, any weakness near 47375-47485 further, it moves below 47230-47140 then, the Index may re-visit 47055-46980-46915-46835-46755-46650-46545-46340 levels.

FII's & DII's Funds Flow: On Saturday, FIIs turned as a net seller, they sold on the net basis to the tune of Rs.44.71 Cr. On the other hand, DIIs also turned as a net seller, they sold on the net basis to the tune of Rs.81.87 Cr. 

INDIA's Macro Data:-

On 01st Mar'24, the HSBC Manufacturing PMI data for the month of Feb'24 released, it moved up to 56.90% from 56.40% (Jan'24). 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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