29.04.24-Monday, 08.50 am 

Good Morning all .....

What has happened on Friday? Nifty Index, as expected and written, opened on a positive note at 22620.40; our expected opening band 22590-22620-22660; on the opening move, made a day high 22620.40; further it moved down, made a day low 22385.55 and closed on a negative note at 22419.95 with an intra loss 150.40 points, i.e., -0.67%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 22470-22505-22550 levels; if open, trade and sustain above 22550 then, the index may re-test 22570-22595-22625-22660-22685-22720-22750-22775 levels. On the other hand, the immediate support lies at 22440-22415-22385 if, the Index moves below 22385 then, it may try to re-visit 22340-22305-22275-22245-22215-22180-22160 levels.

Special Mention: On Friday, Nifty Index unable to continue the pull back rally beyond 22625, made a high 22620.40, the intra sell-off dragged till 22385 and closed below our threshold support levels i.e., 22480. Today, Nifty index must continue to move, trade and closes above 22505-22625 then, it may continue the pull back rally to re-test 22670-22775 levels. On the other hand, the immediate support seen at 22305-22275, further weakness below 22275 then, the Index may try to re-visit 22160-21770-21530 levels in the near term. Let see how the Index opens today near 22470-22505-22550 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a positive note at 48660; on the opening move, it made a day high 48679.65; thereafter, it moved down, made a day low 48088.25 and closed on a negative note at 48201.95 with an intra loss 293.90 points, i.e., -0.61%, today Nifty Bank Index must move and trade above 48315-48360-48405 levels; if to do so, then it may try to re-test 48505-48610-48840-48930-49055 levels. On the other hand, any weakness near 48315-48360-48405 further, it moves below 48225-48090 then, the Index may re-visit 47960-47850-47740-47670-47525 levels.

FII's & DII's Funds Flow: On Friday, FIIs continued as a net seller, they sold on the net basis to the tune of Rs.3408.88 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.4356.83 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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