04.04.24-Thursday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a negative note at 22385.70; our expected opening band 22430-22390; on the opening move, made a day low 22346.50; further it moved up, made a day high 22521.10 and closed on a flat to negative note at 22434.65 with an intra loss 18.65 points, i.e., -0.08%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 22450-22470-22500 levels; if open, trade and sustain above 22500 then, the index may test 22525-22555-22570-22600-22635-22685-22715-22750 levels. On the other hand, the immediate support lies at 22420-22385 if, the Index moves below 22385 then, it may try to re-visit 22340-22310-22280-22245-22205-22170-22130 levels.

Special Mention: Yesterday, Nifty Index unable to continue the northward rally, traded with consolidation mode and closed once again near 22435 levels. Today, Nifty index must continue to move, trade and closes above 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 22450-22470-22500 levels. It seems that the Nifty Index may trade with a range between 22300-22530 for the time being, unless it move and closes below/above either of these levels.  

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 47350.25; on the opening move, it made a day low 47279.80; thereafter, it moved up, made a day high 47676.95 and closed on a positive note at 47624.25 with an intra gain 78.80 points, i.e., 0.17%, today Nifty Bank Index must move and trade above 47675-47705-47785 levels; if to do so, then it may try to re-test 47895-48030-48160-48305-48450 levels. On the other hand, any weakness near 47675-47705-47785 further, it moves below 47560-47525 then, the Index may re-visit 47430-47375-47280-47255-47185-47120-47050-46980 levels.

FII's & DII's Funds Flow: Yesterday, FIIs continued as a net seller, they sold on the net basis to the tune of Rs.2213.56 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.1102.41 Cr. 

INDIA's Macro Data:

On 02nd Apr'24, the HSBC Manufacturing PMI data for the month of Mar'24 released, it moved up to 59.10% from 56.90% (Feb'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%. Next RBI MPC meet rate decision will be announced on 05th Apr'24- Friday, it may maintain status quo in repo, reverse repo rate and CRR.

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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