12.03.24-Tuesday, 08.30 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a positive note at 22505.30, our expected opening band 22525-22560; on the opening move, made a day high 22526.60; further it moved down, made a day low 22307.25 and closed on a negative note at 22332.65 with an intra gain 160.90 points, i.e., -0.72%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 22335-22360-22390 levels; if open, trade and sustain above 22390 then, the index may test 22425-22460-22480-22500-22525-22550-22585 levels. On the other hand, the immediate support lies at 22305-22270 if, the Index moves below 22270 then, it may try to re-visit 22245-22225-22195-22155-22115-22085-22060 levels.

Special Mention: Yesterday, Nifty Index continued it's northward rally, made a fresh high 22526.60, further the intra sell-off dragged the index till 22307.25 and closed just near our threshold support level i.e., 22330. 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 22335-22360-22390 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 47792.20; on the opening move, it made a day high 47853.80; thereafter, it moved down, made a day low 47230.65 and closed on a negative note at 47327.85 with an intra loss 507.95 points, i.e., -1.06%, today Nifty Bank Index must move and trade above 47375-47425-47480 levels; if to do so, then it may try to re-test 47540-47570-47615-47670-47720-47780-47850-47890-47960 levels. On the other hand, any weakness near 47375-47425-47480 further, it moves below 47230-47195-47060 then, the Index may re-visit 46910-46765-46615-46530-46465 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.3238.39 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.4212.76 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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