11.03.24-Monday, 08.30 am 

Good Morning all .....

What has happened on Thursday? Nifty Index, as expected and written opened on a flat to positive note at 22505.30, our expected opening band 22495-22535; on the opening move, made a day low 22430; further it moved up, made a day high 22525.65 and closed on a positive note at 22493.55 with an intra gain 19.50 points, i.e., 0.09%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 22525-22560 levels; if open, trade and sustain above 22560 then, the index may test 22590-22620-22645-22675-22700-22735 levels. On the other hand, the immediate support lies at 22465-22430 if, the Index moves below 22430 then, it may try to re-visit 22405-22375-22340-22295-22260-22225 levels.

Special Mention: On Thursday, Nifty Index continued it's northward rally, made a new all time high 22525.65 and closed near 22495 levels. Today, Nifty index must continue to trade and closes above 22500 then, it may continue the upward rally till 22620-22735 levels. On the other hand, the immediate support seen at 22225-22125-22060, 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 22525-22560 levels. 

Nifty Bank Index: On Thursday, Nifty Bank Index opened on a positive note at 48035.80; on the opening move, it made a day high 48071.70; thereafter, it moved down, made a day low 47747.20 and closed on a negative note at 47835.80 with an intra loss 129.60 points, i.e., -0.27%, today the Nifty Bank Index must move above 47870-47975 levels; if to do so, then it may try to re-test 48070-48160-48215-48310-48415-48485-48550-48635 levels. On the other hand, any weakness near 47870-47975 further, it moves below 47750-47635 then, the Index may re-visit 47530-47465-47400-47300-47195 levels.

FII's & DII's Funds Flow: On Thursday, FIIs continued as a net buyer, they bought on the net basis to the tune of Rs.7304.11 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2149.88 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.

Research Analyst Disclaimer: Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.