15.04.24-Monday, 08.50 am 

Good Morning all .....

What has happened on Friday? Nifty Index, as expected and written, opened on a negative note at 22677.40; our expected opening band 22710-22675-22635; on the opening move, made a day high 22726.45; further it moved down, made a day low 22503.75 and closed on a negative note at 22519.40 with an intra loss 234.40 points, i.e., -1.03%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note near 22485-22465-22440 levels; if open, trade and sustain above 22485 then, the index may test 22505-22530-22550-22585-22615-22640-22660-22680-22725 levels. On the other hand, the immediate support lies at 22415-22390-22365 if, the Index moves below 22365 then, it may try to re-visit 22335-22305-22475-22245-22210-22180 levels.

Special Mention: On Friday, Nifty Index unable to continue the northward rally, the intra sell-off dragged the index till 22053.75 and closed below 22540 levels. Today, Nifty index must continue to move, trade and closes above 22675-22775 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 22485-22465-22440 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a negative note at 48671.20; on the opening move, it made a day high 48852.65; thereafter, it moved down, made a day low 48477.55 and closed on a negative note at 48564.55 with an intra loss 422.05 points, i.e., -0.86%, today Nifty Bank Index must move and trade above 48620-48665 levels; if to do so, then it may try to test 48740-48810-48855-48950-49055 levels. On the other hand, any weakness near 48620-48665 further, it moves below 48480-48375 then, the Index may re-visit 48340-48255-48170-48110-48030-47960-47900-47825-47710-47635 levels.

FII's & DII's Funds Flow: On Friday, FIIs turned as a net seller, they sold on the net basis to the tune of Rs.8027 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.6341.53 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 Feb'24 released on 12th Apr'24-Friday, the Industrial production has moved up to 5.70%; when compared to the Jan'24 level, i.e.,3.80%. 

Annual Inflation data for Mar'24 released on 12th Apr'24-Friday, the inflation has come down to 4.85% from Feb'24 level i.e., 5.09%.

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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