30.04.24-Tuesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 22475.55; our expected opening band 22470-22505-22550; on the opening move, made a day low 22441.90; further it moved up, made a day high 22655.80 and closed on a positive note at 22643.40 with an intra gain 223.45 points, i.e., 1%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 22655-22675-22710 levels; if open, trade and sustain above 22710 then, the index may test 22720-22750-22775-22805-22835 levels. On the other hand, the immediate support lies at 22635-22600 if, the Index moves below 22600 then, it may try to re-visit 22575-22550-22520-22490-22465-22440-22415-22360 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally beyond 22625, made a high 22655.80 and closed above our threshold resistance levels i.e., 22625. Today, Nifty index must continue to move, trade and closes above 22650-22700 then, it may continue the pull back rally to re-test  the all time high point 22775, then to test 22900 levels. On the other hand, the immediate support seen at 22480-22305, further weakness below 22305 then, the Index may try to re-visit 22275-22160-21770 levels in the near term. Let see how the Index opens today near 22655-22675-22710 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 48359.90; on the opening move, it made a day low 48342.70; thereafter, it moved up, made a day high 48473.60 and closed on a positive note at 49424.05 with an intra gain 12230 points, i.e., 2.54%, today Nifty Bank Index must move and trade above 49475-49530 levels; if to do so, then it may try to test 49655-49730-49780-49865-49905-49975-50005-50040 levels. On the other hand, any weakness near 49475-49530 further, it moves below 49345-49255 then, the Index may re-visit 49140-49055-48975-48905-48840-48775-48680 levels.

FII's & DII's Funds Flow: Yestereday, FIIs turned as a net buyer, they bought on the net basis to the tune of Rs.169.09 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.692.05 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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