14.03.24-Thursday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a positive note at 22432.20, our expected opening band 22375-22400; on the opening move, made a day high 22446.75; further it moved down, made a day low 21905.65 and closed on a negative note at 21997.70 with an intra loss 338 points, i.e., -1.51%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 21970-21935-21910 levels; if open, trade and sustain above 21970 then, the index may test 21995-22030-22060-22110-22125-22145-22175-22205-22240-22285 levels. On the other hand, the immediate support lies at 21905-21860 if, the Index moves below 21860 then, it may try to re-visit 21830-21800-21760-21750-21715-21690-21665 levels.

Special Mention: Yesterday, Nifty Index continued the downward rally with sell-off, made a low 21905.65 and closed below our threshold support level i.e., 22060. Today, Nifty index must continue to trade and closes above 22060-22225 then, it may continue the upward rally till 22525-22620 levels. On the other hand, the immediate support seen at 21905-21830, further weakness below 21830 then, the Index may try to re-visit 21750-21665-21530 levels in the near term. Let see how the Index opens today near 21970-21935-21910 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 47341.15; on the opening move, it made a day high 47468.70; thereafter, it moved down, made a day low 46842.15 and closed on a negative note at 46981.30 with an intra loss 301.10 points, i.e., -0.64%, today Nifty Bank Index must move and trade above 47000-47090 levels; if to do so, then it may try to re-test 47130-47165-47235-47355-47400-47470-47515-47635-47775 levels. On the other hand, any weakness near 47000-47090 further, it moves below 46930-46855 then, the Index may re-visit 46765-46690-46620-46525-46435-46330-46220 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a net seller, they sold on the net basis to the tune of Rs.4595.06 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.9093.72 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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