13.03.24-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 22334.45, our expected opening band 22335-22360; on the opening move, made a day high 22452.55; further it moved down, made a day low 22256 and closed on a flat to positive note at 22335.70 with an intra gain 3.05 points, i.e., 0.01%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 22355-22375-22400 levels; if open, trade and sustain above 22400 then, the index may test 22430-22455-22480-22505-22525-22550-22585-22620 levels. On the other hand, the immediate support lies at 22330-22305 if, the Index moves below 22305 then, it may try to re-visit 22280-22255-22225-22200-22155-22115-22085-22060 levels.

Special Mention: Yesterday, Nifty Index unable to continue it's northward rally, a brief sell-off dragged till 22256 and closed just near our threshold support level for the second day 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 22355-22375-22400 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 47351.35; on the opening move, it made a day low 46884.45; thereafter, it moved up, made a day high 47812.75 and closed on a negative note at 47282.40 with an intra loss 45.45 points, i.e., -0.10%, today Nifty Bank Index must move and trade above 47350-47490 levels; if to do so, then it may try to re-test 47540-47615-47670-47705-47810-47890-47950-48015 levels. On the other hand, any weakness near 47350-47490 further, it moves below 47240-47105 then, the Index may re-visit 46990-46885-46765-46690-46615-46540-46435 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.73.12 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2358.18 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 Jan'24 released on 12th Mar'24-Tuesday, the Industrial production has moved down to 3.80% when compared to the Dec'23 level, i.e.,4.20%. 

Annual Inflation data for Feb'24 released on 12th Mar'24-Tuesday, the inflation has come down to 5.09% from Jan'24 level i.e., 5.10%.

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.

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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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