18.04.24-Thursday, 08.50 am 

Good Morning all .....

What has happened on Tuesday? Nifty Index, as expected and written, opened on a negative note at 22125.30; our expected opening band 22210-22180-22160; on the opening move, made a day high 22213.75; further it moved down, made a day low 22079.45 and closed on a negative note at 22147.80 with an intra loss 124.60 points, i.e., -0.56%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 22160-22180-22210 levels; if open, trade and sustain above 22210 then, the index may re-test 22230-22255-22270-22295-22325-22350-22385-22425 levels. On the other hand, the immediate support lies at 22130-22110-22080 if, the Index moves below 22080 then, it may try to re-visit 22040-22010-21980-21955-21930 levels.

Special Mention: On Tuesday, Nifty Index continued the sell-off, broken further threshold support levels i.e., 22180 and closed below 22180 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 21930-21710, further weakness below 21710 then, the Index may try to re-visit 21530-21140 levels in the near term. Let see how the Index opens today near 22160-22180-22210 levels. 

Nifty Bank Index: On Tuesday, Nifty Bank Index opened on a negative note at 47436.70; on the opening move, it made a day low 47316.55; thereafter, it moved up, made a day high 47609 and closed on a negative note at 47484.80 with an intra loss 288.45 points, i.e., -0.60%, today Nifty Bank Index must move and trade above 47520-47610-47690 levels; if to do so, then it may try to re-test 47785-47840-47900-47980-48055-48160-48255-48290 levels. On the other hand, any weakness near 47520-47610-47690 further, it moves below 47385-47315 then, the Index may re-visit 47240-47150-47060-46990-46830 levels.

FII's & DII's Funds Flow: On Tuesday, FIIs continued as a net seller, they sold on the net basis to the tune of Rs.4468.09 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2040.38 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.

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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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