Kindly guide me that for climate change studies for a watershed and analysing its impact on water resources , daily time series data for temp n precipitation is necessary or we can go with monthly time series?
Monthly data is usually averaged or added together, so you will loose the variance of the daily data. And also extreme events occur in short spans of time, especially flooding and/or rainstorms (daily data) . So, choosing monthly data or daily data depends on your target and your research.
If you want to work on climate change in water resources and drought, you need to know about atmospheric circulation models, emission scenarios (RCPs4.5, RCPs6, RCPs8.5) , and the Lars model. In the LARS-WG model, which was used in the old observations, temperature and precipitation are given to the model for historical data and relative humidity and sunny hours and based on it, it predicts for the next horizons up to 2100. Now, these effects can be in floods. Drought, temperature, precipitation, evapotranspiration, agricultural products, reservoir water storage, etc.