19.04.24-Friday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 22125.30; our expected opening band 22160-22180-22210; on the opening move, made a day high 22326.50; further it moved down, made a day low 21961.70 and closed on a negative note at 21995.85 with an intra loss 152.05 points, i.e., -0.69%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note near 21930-21880-21830 levels; if open, trade and sustain above 21930-21960 then, the index may re-test 22000-22045-22100-22145-22185-22220-22245-22285 levels. On the other hand, the immediate support lies at 21800-21765 if, the Index moves below 21765 then, it may try to re-visit 21730-21710-21675-21645-21615-21585-21555-21530-21480 levels.

Special Mention: Yesterday, Nifty Index though it opened on positive note, made high 22326, the late hour sell-off dragged the index till 21961.70 and closed below 22000 levels. Today, Nifty index must continue to move, trade and closes above 22325-22425 then, it may continue the upward rally to re-test 22500-22775 levels. On the other hand, the immediate support seen at 21880-21710, 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 21930-21880-21830 levels. It looks the geo-political tension spooked the oil price from $83 to $86 per barrel, hence the sell-off in stock market may continue for some more time due to FIIs strong profit booking,l trade due caution and aviod aggressive buy.

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 47592.70; on the opening move, it made a day high 47829.75; thereafter, it moved down, made a day low 46982.15 and closed on a negative note at 47069.45 with an intra loss 415.35 points, i.e., -0.87%, today Nifty Bank Index must move and trade above 47185-47305 levels; if to do so, then it may try to re-test 47400-47505-47580-47650-47735-47840 levels. On the other hand, any weakness near 47185-47305 further, it moves below 46990-46870-46750 then, the Index may re-visit 46590-46470-47340-46200-46075-45950-45830 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.4260.33 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2285.52 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.