01.04.24-Monday, 08.50 am 

Good Morning all .....

What has happened on Thursday? Nifty Index, as expected and written, opened on a positive note at 22163.60, our expected opening band 22150-22175; on the opening move, made a day low 22163.60; further it moved up, made a day high 22516 and closed on a positive note at 22326.90 with an intra gain 203.25 points, i.e., 0.92%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 22340-22380-22415 levels; if open, trade and sustain above 22415 then, the index may test 22440-22475-22515-22545-22570-22610 levels. On the other hand, the immediate support lies at 22300-22270 if, the Index moves below 22270 then, it may try to re-visit 22235-22205-22180-22160-22125-22080-22030 levels.

Special Mention: On Thursday, Nifty Index continued the strong pull back rally moved near the all time high, made a high 22516 and closed well above 22300 levels. Today, Nifty index must continue to move, trade and closes above 22415-22525 then, it may continue the upward rally to test 22750-22935 levels. On the other hand, the immediate support seen at 22180-21930-21885, further weakness below 21885 then, the Index may try to re-visit 21710-21530 levels in the near term. Let see how the Index opens today near 22340-22380-22415 levels.  

Nifty Bank Index: On Thursday, Nifty Bank Index opened on a positive note at 46827.85; on the opening move, it made a day low 47124.60; thereafter, it moved up, made a day high 47440.45 and closed on a positive note at 47124.60 with an intra gain 338.65 points, i.e., 0.72%, today Nifty Bank Index must move and trade above 47205-47260-47310 levels; if to do so, then it may try to re-test 47370-47440-47475-47570-47660-47780-47895 levels. On the other hand, any weakness near 46205-47260-47310 further, it moves below 47060-46995 then, the Index may re-visit 46900-46825-46745-46635-46530-46380 levels.

FII's & DII's Funds Flow: On Thursday, FIIs continued as a net buyer, they bought on the net basis to the tune of Rs.188.31 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2691.52 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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