05.03.24-Tuesday, 08.30 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a flat note at 22403.50, our expected opening band 22380-22395; on the opening move, made a day high 22440.50; further it moved down, made a day low 22358.30 and closed on a positive note at 22405.60 with an intra gain 27.20 points, i.e., 0.12%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 22415-22390-22360 levels; if open, trade and sustain above 22415 then, the index may test 22440-22465-22490-22500-22515-22540-22565 levels. On the other hand, the immediate support lies at 21345-21315 if, the Index moves below 21315 then, it may try to re-visit 22295-22270-22245-22220-22185-22150-22115-22080 levels.

Special Mention: Yesterday, Nifty Index continued its northward rally, made a new high 22440.50 and closed above 22395 levels. Today, Nifty index must continue to trade and closes above 22420-22465 then, it may continue the upward rally till 22500-22620-22735 levels. On the other hand, the immediate support seen at 22270-22125-22060, further weakness below 22060 then, the Index may try to re-visit 21860-21530 levels in the near term. Let see how the Index opens today near 22415-22390-22360 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 47318.50; on the opening move, it made a day low 47191.65; thereafter, it moved up, made a day high 47529.60 and closed on a positive note at 47456.10 with an intra gain 158.60 points, i.e., 0.34%, today the Nifty Bank Index must move above 47530-47620 levels; if to do so, then it may try to re-test 47710-47825-47915-48010-48115 levels. On the other hand, any weakness near 47530-47620 further, it moves below 47335-47230 then, the Index may re-visit 47190-47000-46980-46815-46705-46595-46485-46545-46375 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.564.05 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.3542.87 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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