13.12.23-Wednesday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written opened on a positive note at 21018.55; our expected opening band 21025-21055; on the opening move, the Index made a day high 21037.90 thereafter; it moved down, made a day low 20867.15 and closed on a negative note at 20906.40 with an intra loss 90.70 points, i.e., -0.43%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 20910-20950 levels; if open, trade and sustain above 20950 then, the index may test 20990-21020-21040-21085-21125-21160-21210 levels. On the other hand, the immediate support lies at 20865-20850-20820 if, the Index moves below 20820 then, it may try to re-visit 20775-20745-20710-20670-20635 levels.

Special Mention: Yesterday, Nifty Index continued the northward journey, made an all time high 21037.90, further moved down till 20867 and closed well below 20995 levels. In the near term, if the Index moves and closes above 21080, then it may test 21210-21340 levels. On the other hand, the strong support now lies at 20700-20500, 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 20910-20950 levels.

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 47421.70; on the opening move, it made a day high 47454, thereafter, it moved down, made a day low 47004.05 and closed on a negative note at 47097.55 with an intra loss by 216.70 points, i.e., -0.46%, today the Nifty Bank Index must move above 47140-47190 levels; if to do so, then it may try to test 47230-47320-47365-47455-47520-47575-47590-47670-47745 levels. On the other hand, any weakness near 47140-47190 further, it moves below 47055-47000 then, the Index may re-visit 46920-46880-46840-46765-46695-46635-46510 levels.

FII's & DII's Funds Flow: Yesterday, FIIs continued as a net buyer, they bought on the net basis to the tune of Rs.76.86 Cr. On other hand, the DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.1923.32 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 08th Dec'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 Oct'23 released on 12th Dec'23-Tuesday, the data shows that, the Industrial production has moved up to 11.70% when compared to the Sep'23, it stood at 6.20%. 

Annual Inflation data for Nov'23 released on 12th Dec'23-Tuesday, it shows that the Inflation has further moved up to 5.55% from Oct'23 level i.e., 4.87%.

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.

Research Analyst Disclaimer: Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.