28.03.24-Thursday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, contrary to our expectation, opened on a positive note at 22053.95, our expected opening band 21990-21975; on the opening move, made a day low 22052.85; further it moved up, made a day high 22193.60 and closed on a positive note at 22123.65 with an intra gain 118.95 points, i.e., 0.54%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 22125-22150-22175 levels; if open, trade and sustain above 22175 then, the index may test 22195-22205-22230-22285-22320 levels. On the other hand, the immediate support lies at 22105-22090 if, the Index moves below 22090 then, it may try to re-visit 22060-22035-22015-21985-21955-21930-21899-21860 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally, made a high 22193.60 and closed just above 22120 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 22125-22150-22175 levels.  

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 46643.45; on the opening move, it made a day low 46788.35; thereafter, it moved up, made a day high 46956.10 and closed on a positive note at 46785.95 with an intra gain 185.75 points, i.e., 0.40%, today Nifty Bank Index must move and trade above 46800-46865 levels; if to do so, then it may try to re-test 46955-46990-47075-47135-47270-47345-47475 levels. On the other hand, any weakness near 46800-46865 further, it moves below 46720-46645 then, the Index may re-visit 46550-46410-46340-46270-46105-45965-45830 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.2170.32 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.1197.61 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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