03.05.24-Friday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, contrary to our expectation, opened on a negative note at 22567.85; our expected opening band 22650-22675; on the opening move, made a day low 22567.85; further it moved up, made a day high 22710.50 and closed on a positive note at 22648.20 with an intra gain 43.35 points, i.e., 0.19%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 22675-22710-22750 levels; if open, trade and sustain above 22750 then, the index may test 22780-22805-22840-22875-22910-22940 levels. On the other hand, the immediate support lies at 22630-22600 if, the Index moves below 22600 then, it may try to re-visit 22570-22545-22530-22510-22490-22465-22440-22420-22385 levels.

Special Mention: Yesterday, Nifty Index unable to continue the northward rally beyond 22783, traded with sideways move and closed below our threshold resistance levels i.e., 22675. Today, Nifty index must continue to move, trade and closes above 22675-22710-22775 then, it may continue the rally to test 22910-23045 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 22675-22710-22750 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 49262; on the opening move, it made a day high 49529.35; thereafter, it moved down, made a day low 49123.60 and closed on a negative note at 49231.05 with an intra loss 165.70 points, i.e., -0.34%, today Nifty Bank Index must move and trade above 49345-49410 levels; if to do so, then it may try to test 49485-49530-49640-49725-49790-49875-49975 levels. On the other hand, any weakness near 49345-49410 further, it moves below 49175-49125 then, the Index may re-visit 49015-48985-48855-48725-48665-48625-48590 levels.

FII's & DII's Funds Flow: On Tuesday, FIIs turned as a net seller, they sold on the net basis to the tune of Rs.964.47 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.1352.44 Cr. 

INDIA's Macro Data:-

On 02nd May'24, the HSBC Manufacturing PMI data for the month of Apr'24 released, it moved down to 58.80% from 59.10% (Mar'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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