16.04.24-Tuesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a negative note at 22339.05; our expected opening band 22485-22460-22440; on the opening move, made a day high 22427.45; further it moved down, made a day low 22259.55 and closed on a negative note at 22272.50 with an intra loss 246.90 points, i.e., -1.10%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note near 22210-22180-22160 levels; if open, trade and sustain above 22210 then, the index may re-test 22260-22290-22320-22345-22375-22400-22425-22475 levels. On the other hand, the immediate support lies at 22145-22115 if, the Index moves below 22115 then, it may try to re-visit 22075-22040-22010-21980-21955-21930 levels.

Special Mention: Yesterday, Nifty Index continued the sell-off,  broken the threshold support levels i.e., 22300 and closed below 22300 levels. Today, Nifty index must continue to move, trade and closes above 22500-22675 then, it may continue the upward rally to test 22775-22935 levels. On the other hand, the immediate support seen at 22180-21930, further weakness below 21930 then, the Index may try to re-visit 21710-21530 levels in the near term. Let see how the Index opens today near 22210-22180-22160 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 48057.50; on the opening move, it made a day high 48255.50; thereafter, it moved down, made a day low 47725.80 and closed on a negative note at 47773.25 with an intra loss 791.30 points, i.e., -1.63%, today Nifty Bank Index must move and trade above 47850-47890 levels; if to do so, then it may try to re-test 47930-47990-48055-48100-48145-48200-48255-48325 levels. On the other hand, any weakness near 47850-47890 further, it moves below 47700-47645-47590 then, the Index may re-visit 47490-47440-47360-47280-47250-47140-47060 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.3268 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.4762.93 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 Mar'24 released on 15th Apr'24-Thursday, it has gone up to 0.53% as against the Feb'24 level i.e.,0.20%.

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.

Research Analyst Disclaimer: Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.