06.03.24-Wednesday, 08.30 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a flat to positive note at 22371.25, our expected opening band 22390-22360; on the opening move, made a day high 22416.90; further it moved down, made a day low 22269.15 and closed on a negative note at 22356.30 with an intra loss 49.30 points, i.e., -0.22%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 22340-22375-22390 levels; if open, trade and sustain above 22390 then, the index may test 22415-22440-22455-22490-22500-22515-22540-22565 levels. On the other hand, the immediate support lies at 21325-21305 if, the Index moves below 21305 then, it may try to re-visit 22270-22245-22225-22185-22150-22115-22080-22060 levels.

Special Mention: Yesterday, Nifty Index unable to continue it's northward rally, consolidation move dragged the index till our threshold support levels i.e.,22270, made a low 22269.15 and closed below 22370 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 22340-22375-22390 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 47265.70; on the opening move, it made a day low 47196.75; thereafter, it moved up, made a day high 47737.85 and closed on a positive note at 47581 with an intra gain 124.90 points, i.e., 0.26%, today the Nifty Bank Index must move above 47625-47735 levels; if to do so, then it may try to re-test 47825-47885-47945-48010-48115-48155 levels. On the other hand, any weakness near 47625-47735 further, it moves below 47525-47405 then, the Index may re-visit 47325-47195-47130-47050-46945-46820-46700-46575 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.574.28 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.1834.61 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 Feb'24 released on 05th Mar'24, it moved down to 60.60% from 61.80% (Jan'24).

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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