07.12.23-Thursday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written opened on a positive note at 20950.75; our expected opening band 20900-20915-20935;  on the opening move, the Index made a day low 20852.15 thereafter; it moved up, made a day high 20961.95 and closed on a positive note at 20937.70 with an intra gain 82.60 points, i.e., 0.40%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 20935-20910-20895 levels; if open, trade and sustain above 20935 then, the index may test 20960-20990-21030-21055-21075 levels. On the other hand, the immediate support lies at 20880-20850 if, the Index moves below 20850 then, it may try to re-visit 20825-20785-20760-20730-20705-20680-20645 levels.

Special Mention: Yesterday, Nifty Index continued the northward rally, made a high 20961.95 and closed well above 20865 levels. In the near term, if the Index moves and closes above 20995, then it may test 21080-21340 levels. On the other hand, the strong support now lies at 20600-20500, if the Index moves and closes below 20500 then, the Index may try to re-visit 20290-20222-20100 levels in the near term. Let see how the Index opens today at 20935-20910-20895 levels.

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 47256.75; on the opening move, it made a day high 47259.85 thereafter, it moved down, made a day low 46750.20 and closed on a negative note at 46834.55 with an intra loss by 177.70 points, i.e., -0.38%, today the Nifty Bank Index must move above 46870-46945 levels; if to do so, then it may try to test 47005-47065-47110-47150-47205-47260-47320-47395 levels. On the other hand, any weakness near 46870-46945 further, it moves below 46785-46750 then, the Index may re-visit 46680-46610-46580-46485-46370-46310 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a net seller, they sold marginally on the net basis to the tune of Rs.79.88 Cr. On other hand, the DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.1372.18 Cr. 

INDIA's Macro Data:

On 01st Dec'23, the S&P Global Manufacturing PMI data for the month of Nov'23 released, it moved up to 56% from 55.50% (Oct'23). Likewise, the S&P Global Services PMI data for the month of Nov'23 released on 05th Dec'23, it  moved down to 56.90 from 58.40 (Oct'23).

The RBI MPC meet held on 06th Oct'23-Friday,  the MPC maintained status quo in the Repo rate without changing the interest rate i.e., 6.50%. 

GDP data for the Q2 ending Sep'23 released on 30th Nov'23-Thursday, the GDP has moved down to 7.60% Vs.7.80% (Q1-Jun'23). 

IIP data for Sep'23 released on 10th Nov'23-Friday, the data shows that, the Industrial production has moved down to 5.80% when compared to the Aug'23, it stood at 10.30%. 

Annual Inflation data for Oct'23 released on 13th Nov'23-Monday, it shows that the Inflation has further moved down to 4.87% from Sep'23 level i.e., 5.02%.

WPI Inflation data for the month of Oct'23 released on 14th Nov'23-Tuesday, it has further moved down to -0.52% as against the Sep'23 level i.e.,-0.26%.

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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