25.04.24-Thursday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a flat to negative note at 22316.90; our expected opening band 22420-22385-22360; on the opening move, made a day low 22305.25; further it moved up, made a day high 22384 and closed on a positive note at 22625.95 with an intra gain 167.95 points, i.e., 0.75%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 22590-22625-22660 levels; if open, trade and sustain above 22660 then, the index may re-test 22690-22720-22750-22775 levels. On the other hand, the immediate support lies at 22550-22530-22505 if, the Index moves below 22505 then, it may try to re-visit 22465-22430-22400-22380-22345-22305-22275 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally, made a high 22625.95 and closed above our threshold resistance levels i.e., 22505. Today, Nifty index must continue to move, trade and closes above 22575-22635 then, it may continue the pull back rally to re-test 22670-22775 levels. On the other hand, the immediate support seen at 22425-22250, further weakness below 22250 then, the Index may try to re-visit 21770-21530-21140 levels in the near term. Let see how the Index opens today near 22590-22625-22660 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 47772.65; on the opening move, it made a day low 47737.20; thereafter, it moved up, made a day high 48625.45 and closed on a positive note at 48494.95 with an intra gain 305.95 points, i.e., 0.63%, today Nifty Bank Index must move and trade above 48525-48625 levels; if to do so, then it may try to re-test 48700-48775-48845-48925-49000-49055 levels. On the other hand, any weakness near 48525-48625 further, it moves below 48435-48365 then, the Index may re-visit 48285-48180-48075-47950-47840-47740 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.2823.33 Cr. On the other hand, DIIs also continued as a net buyer, they bought on the net basis to the tune of Rs.6167.56 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.

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