08.04.24-Monday, 08.50 am 

Good Morning all .....

What has happened on Friday? Nifty Index, as expected and written, opened on a negative note at 22486.40; our expected opening band 22485-22460-22430; on the opening move, made a day low 22427.60; further it moved up, made a day high 22528.90 and closed on a flat to negative note at 22513.70 with an intra loss 0.95 points, i.e., 0.00%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 22535-22570-22585 levels; if open, trade and sustain above 22585 then, the index may test 22620-22650-22685-22715-22750-22795 levels. On the other hand, the immediate support lies at 22490-22455 if, the Index moves below 22455 then, it may try to re-visit 22430-22405-22380-22345-22310-22270-22245-22220 levels.

Special Mention: On Friday, Nifty Index unable to continue the northward rally, traded with consolidation mode, further made an inside day pattern i.e., not broken the previous day high and low points and closed just 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 22300-22180, further weakness below 22180 then, the Index may try to re-visit 21930-21710-21530 levels in the near term. Let see how the Index opens today near 22535-22570-22585 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a positive note at 48104.65; on the opening move, it made a day low 47894.50; thereafter, it moved up, made a day high 48557.40 and closed on a positive note at 48493.05 with an intra gain 432.25 points, i.e., 0.90%, today Nifty Bank Index must move and trade above 48560-48635 levels; if to do so, then it may try to test 48735-48795-48925-49050-49190 levels. On the other hand, any weakness near 48560-48635 further, it moves below 48365-48255 then, the Index may re-visit 48150-48050-47970-47895-47770 levels.

FII's & DII's Funds Flow: On Friday, FIIs turned as a net buyer, they bought on the net basis to the tune of Rs.1659.27 Cr. On the other hand, DIIs continued as a net seller, they sold on the net basis to the tune of Rs.3370.42 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 05th Apr'24-Friday, 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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