04.03.2025-Tuesday, 08.50 am

Good Morning all... 

What has happened yesterday? Nifty Index, opened on a positive note at 22194.55, our expected opening band 22160-22200-22235, on the opening move it made a day high 22261.55, further it moved down; made a day low 22004.70 and closed on a negative note at 22119.30 with intra loss 5.40 points, i.e., -0.02%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 22100-22070-22000 levels; if open, trade and sustain above 22100 then, the index may re-test 22135-22175-22230-22260-22315-21350-21390 levels. On the other hand, the immediate support lies at 21940-21870 if, the Index moves below 21870 then, it may try to re-visit 21820-21795-21755-21720-21655-21610 levels.

Special Mention: Yesterday, Nifty Index continued the sell-off continuously for the last 9 trading sessions, made a low 22004.70 and closed above our threshold suuport levels i.e., 22070. Today, the Nifty index must trade, sustain and closes above 22240-22315; it may continue the pull back rally to re-test 22625-22785-22950 levels. On the other hand, the immediate support seen at 22000-21870, further weakness below 21870 then, the Index may try to re-visit 21575-21280 levels in the near term. Let see how the Index opens today near 22100-22070-22000 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 48487.60 on the opening move, it made a high 48574.70 thereafter, it moved down, made a low 47841.30 and closed on a negative note at 48114.30 with an intra loss  230.40 points, i.e., -0.48%, today Nifty Bank Index must move and sustain above 48260-48360 levels; if to do so, then it may try to re-test 48420-48575-48670-48775-48875-48970 levels. On the other hand, any weakness near 48260-48360 further, it moves below 48010-47925 then, the Index may re-visit 47840-47755-47650-47500-47360-47210-47065 levels. 

Sensex Index: Yesterday, Sensex opened on a positive note at 73427.65, on the opening move, it made a day high 73649.72; thereafter, it moved down and made a low 72784.54 and closed on a negative note at 73085.94 with an intra loss 112.16 points, i.e., -0.15%, today Sensex must move and sustain above 73285-73395 levels; if to do so, then it may try to re-test 73465-73550-73650-73765-73885-74140-74280-74350 levels. On the other hand, any weakness near 73285-73395 further, it moves below 72940-72885 then, the Index may re-visit 72785-72495-72360-72230-72095 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.4788.29 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.8790.70 Cr. 

INDIA's Macro Data:-

On 03rd Feb'25-Monday, the HSBC Manufacturing PMI data for the month of Jan'25 released, it moved up to 57.70 from 56.40 i.e., Dec'24. Likewise, the HSBC Services PMI data for the month of Jan'25 released on 05th Feb'25-Wednesday, it moved down to 56.50 from 59.30 i.e., Dec'24.

The RBI MPC meet held on 07th Feb'25-Friday, the MPC has reduced the Repo rate to 6.25% from the existing rate of 6.50% and it has maintained the CRR-Cash Reserve Ratio at 4%. 

GDP data for the Q3 ending Dec'24 released on 28th Feb'25-Friday, the GDP has moved up to 6.20% Vs.5.60% (Q2-Sep'24).

IIP data for Dec'24 released on 12th Feb'25-Wednesday, the Industrial production has come down to 3.20%; when compared to the Nov'24 level, i.e., 5.00%. 

Annual Inflation data for Jan'25 released on 12th Feb'25-Wednesday, the inflation has come down to 4.31% from Dec'24 level i.e., 5.22%.

WPI Inflation data for the month of Jan'25 released on 14th Feb'25-Friday, it has come down to 2.31% as against the Dec'24 level i.e.,2.37%.

Wishing you for a safe, secured and profitable trading.

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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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