22.04.24-Monday, 08.50 am 

Good Morning all .....

What has happened on Friday? Nifty Index, as expected and written, opened on a negative note at 22861.50; our expected opening band 21930-21880-21830; on the opening move, made a day low 21777.65; further it moved up, made a day high 22179.55 and closed on a positive note at 22147 with an intra gain 151.15 points, i.e., 0.69%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note with gap up near 22180-22220-22275 levels; if open, trade and sustain above 22275 then, the index may re-test 22290-22325-22365-22395-22425-28455-22485-22505 levels. On the other hand, the immediate support lies at 22160-22100 if, the Index moves below 22100 then, it may try to re-visit 22060-22020-21985-21945-21930-21905-21870 levels.

Special Mention: On Friday, Nifty Index though it opened on negative note, made a low 21777, the intra pull back lifted the index till 22179 and closed just near our threshold resistance levels i.e., 22150. Today, Nifty index must continue to move, trade and closes above 22180-22325 then, it may continue the pull back rally to re-test 22500-22775 levels. On the other hand, the immediate support seen at 21770-21710, 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 22180-22220-22275 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a negative note at 46744.95; on the opening move, it made a day low 46579.05; thereafter, it moved up, made a day high 47668.70 and closed on a positive note at 47547.15 with an intra gain 477.70 points, i.e., 1.01%, today Nifty Bank Index must move and trade above 47650-47830 levels; if to do so, then it may try to re-test 47945-48110-48220-48330-48425-48525 levels. On the other hand, any weakness near 47650-47830 further, it moves below 47530-47375 then, the Index may re-visit 47240-47115-46990-46830-46705-46580 levels.

FII's & DII's Funds Flow: On Friday, FIIs turned as a net buyer, they bought on the net basis to the tune of Rs.129.39 Cr. On the other hand, DIIs also turned as a net seller, they sold on the net basis to the tune of Rs.52.50 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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