12.04.24-Friday, 08.50 am 

Good Morning all .....

What has happened on Wednesday? Nifty Index, as expected and written, opened on a positive note at 22720.25; our expected opening band 22670-22720-22750; on the opening move, made a day low 22673.70; further it moved up, made a day high 22775.70 and closed on a positive note at 22753.80 with an intra gain 111.05 points, i.e., 0.49%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note near 22710-22675-22635 levels; if open, trade and sustain above 22710 then, the index may test 22745-22775-22805-22820-22855-22895 levels. On the other hand, the immediate support lies at 22610-22565 if, the Index moves below 22565 then, it may try to re-visit 22535-22510-22485-22450-22415 levels.

Special Mention: On Wednesday, Nifty Index continued the northward rally, made a fresh all time high i.e., 22775.70 and closed above 22750 levels for the first time. Today, Nifty index must continue to move, trade and closes above 22750 for an another two trading sessions 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 22710-22675-22635 levels. 

Nifty Bank Index: On Wednesday, Nifty Bank Index opened on a positive note at 48879.55; on the opening move, it made a day low 48669.25; thereafter, it moved up, made a day high 49057.40 and closed on a positive note at 48986.60 with an intra gain 256.05 points, i.e., 0.53%, today Nifty Bank Index must move and trade above 49055-49160 levels; if to do so, then it may try to test 49190-49255-49325-49465-49600 levels. On the other hand, any weakness near 49055-49160 further, it moves below 48860-48760 then, the Index may re-visit 48670-48625-48570-48465-48370-48280 levels.

FII's & DII's Funds Flow: On Wednesday, FIIs turned as a net buyer, they bought on the net basis to the tune of Rs.2778.20 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.163.36 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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