26.03.24-Tuesday, 08.50 am 

Good Morning all .....

What has happened on Friday? Nifty Index, as expected and written opened on a negative note at 21932.20, our expected opening band 21980-21960-21940; on the opening move, made a day low 21883.30; further it moved up, made a day high 22180.70 and closed on a positive note at 22096.75 with an intra gain 84.80 points, i.e., 0.39%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note near 22065-22040-22000 levels; if open, trade and sustain above 22065 then, the index may test 22095-22120-22145-22180-22220-22260-22285 levels. On the other hand, the immediate support lies at 21930-21900 if, the Index moves below 21900 then, it may try to re-visit 21880-21850-21825-21800-21770-21740-21710 levels.

Special Mention: On Friday, Nifty Index continued the pull back rally, made a high 22180.70 and closed above 22060 levels. Today, Nifty index must continue to move, trade and closes above 22200-22285 then, it may continue the upward rally to re-test 22350-22525 levels. On the other hand, the immediate support seen at 21710-21665, further weakness below 21665 then, the Index may try to re-visit 21530-21280-21140 levels in the near term. Let see how the Index opens today near 22065-22040-22000 levels.  

Nifty Bank Index: On Friday, Nifty Bank Index opened on a negative note at 46634.90; on the opening move, it made a day high 46566.80; thereafter, it moved up, made a day high 46974.15 and closed on a positive note at 46863.75 with an intra gain 178.85 points, i.e., 0.38%, today Nifty Bank Index must move and trade above 46925-46975 levels; if to do so, then it may try to re-test 47085-47130-47270-47375-47480-47570 levels. On the other hand, any weakness near 46925-46975 further, it moves below 46800-46720 then, the Index may re-visit 46650-46545-46480-46410-46340-46275-46185-46100-46020 levels.

FII's & DII's Funds Flow: On Friday, FIIs continued as a net seller, they sold on the net basis to the tune of Rs.3309.76 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.3764.87 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.

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