05.04.24-Friday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 22583.10; our expected opening band 22430-22390; on the opening move, made a day high 22619; further it moved down, made a day low 22303.80 and closed on a positive note at 22514.65 with an intra gain 80 points, i.e., 0.36%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 22485-22460-22430 levels; if open, trade and sustain above 22485 then, the index may test 22525-22555-22580-22620-22650-22685-22715-22750 levels. On the other hand, the immediate support lies at 22380-22350 if, the Index moves below 22350 then, it may try to re-visit 22305-22270-22245-22220-22190-22165-22130-22110-22060 levels.

Special Mention: Yesterday, Nifty Index continued the northward rally, though it made a fresh all time high at 22619, the intra sell-off dragged the index near our threshold support levels 22300 and closed below 22525 levels. Today, Nifty index must continue to move, trade and closes above 22530-22620 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 22485-22460-22430 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 48086.20; on the opening move, it made a day high 48254.65; thereafter, it moved down, made a day low 47712.70 and closed on a positive note at 48060.80 with an intra gain 438.55 points, i.e., 0.17%, today Nifty Bank Index must move and trade above 48095-48145 levels; if to do so, then it may try to test 48255-48325-48400-48480-48560-48635-48715-48795 levels. On the other hand, any weakness near 48095-48145 further, it moves below 47995-47895 then, the Index may re-visit 47765-47650-47510-47395-47280-47190-47060-46990 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.1136.47 Cr. On the other hand, DIIs turned as a net seller, they sold on the net basis to the tune of Rs.893.11 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 Mar'24 released on 04th Apr'24, it moved up to 61.20% from 60.60% (Feb'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.

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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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