19.03.24-Tuesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a negative note at 21990.10, our expected opening band 22025-22005-21975; on the opening move, made a day low 21916.55; further it moved up, made a day high 22055.70 and closed on a positive note at 22055.70 with an intra gain  32.35 points, i.e., 0.15%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 22055-22035-21995 levels; if open, trade and sustain above 22055 then, the index may test 22080-22100-22125-22150-22180-22215-22250-22290-22320-22345 levels. On the other hand, the immediate support lies at 21965-21915 if, the Index moves below 21915 then, it may try to re-visit 21880-21860-21830-21800-21750-21715-21690-21665 levels.

Special Mention: Yesterday, Nifty Index continued its consolidation move for the last three trading sessions and closed below our threshold support level i.e., 22060. Today, Nifty index must continue to trade and closes above 22120-22225 then, it may continue the upward rally till 22345-22525-22620 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 22055-22035-21995 levels. Now, further trend on Nifty index will emerge only by breaking the consolidation range eitherside i.e., upperside above 22200 and lower side below 21900 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 46458.75; on the opening move, it made a day low 46022.15; thereafter, it moved up, made a day high 46739.25 and closed on a negative note at 46575 with an intra loss 19.10 points, i.e., -0.04%, today Nifty Bank Index must move and trade above 46655-46740 levels; if to do so, then it may try to re-test 46840-46935-46965-47090-47215-47345-47440-47535-47620-47705 levels. On the other hand, any weakness near 46655-46740 further, it moves below 46490-46380 then, the Index may re-visit 46295-46190-46105-46020-45955-45850 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.2051.09 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.2260.88 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 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 Feb'24 released on 14th Mar'24-Thursday, it has come down to 0.20% as against the Jan'24 level i.e.,0.27%.

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.