02.05.24-Thursday, 08.50 am 

Good Morning all .....

What has happened on Tuesday? Nifty Index, as expected and written, opened on a positive note at 22679.65; our expected opening band 22675-22710; on the opening move, made a day high 22783.35; further it moved down, made a day low 22568.40 and closed on a negative note at 22604.85 with an intra loss 38.55 points, i.e., -0.17%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 22650-22675 levels; if open, trade and sustain above 22675 then, the index may test 22700-22720-22755-22780-22805-22840-22875-22910 levels. On the other hand, the immediate support lies at 22620-22570 if, the Index moves below 22570 then, it may try to re-visit 22540-22510-22490-22465-22440-22400-22385-22360-22305 levels.

Special Mention: On Tuesday, Nifty Index continued the northward rally beyond 22775, made an fresh all time high 22785, further the intra sell-off dragged till 22568 and closed below our threshold resistance levels i.e., 22675. Today, Nifty index must continue to move, trade and closes above 22675-22775 then, it may continue the rally to test 22900-23045 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 22650-22675 levels. 

Nifty Bank Index: On Tuesday, Nifty Bank Index opened on a positive note at 49477.10; on the opening move, it made a day high 49974.75; thereafter, it moved down, made a day low 49249.90 and closed on a negative note at 49396.75 with an intra loss 27.30 points, i.e., -0.06%, today Nifty Bank Index must move and trade above 49475-49525 levels; if to do so, then it may try to test 49610-49695-49760-49820-49890-49975-50005-50085-50160 levels. On the other hand, any weakness near 49475-49525 further, it moves below 49335-49250 then, the Index may re-visit 49140-49060-48965-48905-48845-48775-48725-48680 levels.

FII's & DII's Funds Flow: On Tuesday, FIIs continued as a net buyer, they bought on the net basis to the tune of Rs.1071.93 Cr. On the other hand, DIIs also continued as a net buyer, they bought on the net basis to the tune of Rs.1429.11 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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