20.03.24-Wednesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a negative note at 21946.45, our expected opening band 22035-21995; on the opening move, made a day high 21978.30; further it moved down, made a day low 21793.10 and closed on a negative note at 21817.45 with an intra loss  238.25 points, i.e., -1.08%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 21835-21855-21890 levels; if open, trade and sustain above 21890 then, the index may test 21920-21950-21975-22025-22045-22065-22085-22115 levels. On the other hand, the immediate support lies at 21815-21790 if, the Index moves below 21790 then, it may try to re-visit 21750-21715-21695-21665-21625-21590-21565-21530 levels.

Special Mention: Yesterday, Nifty Index broken the threshold support levels i.e., 21900, further sell-off dragged the index till 21793 and closed below 21830 levels. Today, Nifty index must continue to move, trade and closes above 22060-22200 then, it may continue the upward rally to re-test 22345-22525 levels. On the other hand, the immediate support seen at 21665-21530, further weakness below 21530 then, the Index may try to re-visit 21480-21280-21140 levels in the near term. Let see how the Index opens today near 21835-21855-21890 levels.  

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 46421.90; on the opening move, it made a day high  46602.35; thereafter, it moved down, made a day low 46258.75 and closed on a negative note at 46384.80 with an intra loss 190.20 points, i.e., -0.41%, today Nifty Bank Index must move and trade above 46465-46530 levels; if to do so, then it may try to re-test 46585-46655-46695-46740-46840-46965-47090 levels. On the other hand, any weakness near 46465-46530 further, it moves below 46390-46300 then, the Index may re-visit 46260-46190-46105-46025-45955-45850 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a net buyer, they bought on the net basis to the tune of Rs.1421.48 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.7449.48 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.