10.04.24-Wednesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 22765.10; our expected opening band 22695-22735-22750; on the opening move, made a day high 22768.40; further it moved down, made a day low 22612.25 and closed on a negative note at 22642.75 with an intra loss 23.55 points, i.e., -0.10%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 22670-22720-22750 levels; if open, trade and sustain above 22750 then, the index may test 22770-22810-22840-22860-22885-22905-22935 levels. On the other hand, the immediate support lies at 22640-22610 if, the Index moves below 22610 then, it may try to re-visit 22570-22550-22535-22510-22480-22445-22415 levels.

Special Mention: Yesterday, Nifty Index continued the northward rally, made a fresh all time high i.e., 22768 and closed above 22620 levels. Today, Nifty index must continue to move, trade and closes above 22700-22750 then, it may continue the upward rally to test 22935-23030 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 22670-22720-22750 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 48810.80; on the opening move, it made a day high 48960.75; thereafter, it moved down, made a day low 48568.25 and closed on a positive note at 48730.55 with an intra gain 148.85 points, i.e., 0.31%, today Nifty Bank Index must move and trade above 48770-48845-48875 levels; if to do so, then it may try to test 48920-48960-49050-49110-49190-49255-49325 levels. On the other hand, any weakness near 48770-48845-48875 further, it moves below 48720-48660 then, the Index may re-visit 48570-48490-48425-48365-48300-48225-48145-48020 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.593.20 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2257.18 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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