23.04.24-Tuesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note with gap up at 22336.90; our expected opening band 22180-22220-22275; on the opening move, made a day low 22198.15; further it moved up, made a day high 22375.65 and closed on a positive note at 22336.40 with an intra gain 189.40 points, i.e., 0.86%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 22355-22375-22395 levels; if open, trade and sustain above 22395 then, the index may re-test 22420-22440-22480-22505-22525-22560 levels. On the other hand, the immediate support lies at 22320-22270 if, the Index moves below 22270 then, it may try to re-visit 22240-22220-22200-22180-22160-22145-22115-22080 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally, made a high 22375.65 and closed just near our threshold resistance levels i.e., 22326. Today, Nifty index must continue to move, trade and closes above 22425-22500 then, it may continue the pull back rally to re-test 22775 levels. On the other hand, the immediate support seen at 22180-21960-21770, further weakness below 21770 then, the Index may try to re-visit 21710-21530-21140 levels in the near term. Let see how the Index opens today near 22355-22375-22395 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 48145.70; on the opening move, it made a day low 47628.45; thereafter, it moved up, made a day high 48146.30 and closed on a positive note at 47924.90 with an intra gain 377.75 points, i.e., 0.79%, today Nifty Bank Index must move and trade above 47995-48145 levels; if to do so, then it may try to re-test 48220-48285-48330-48430-48525-48650-48670 levels. On the other hand, any weakness near 47995-48145 further, it moves below 47885-47825 then, the Index may re-visit 47780-47690-47630-47545-47455-47360-47270-47180 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a net seller, they sold on the net basis to the tune of Rs.2915.23 Cr. On the other hand, DIIs also continued as a net buyer, they sold on the net basis to the tune of Rs.3542.93 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.