14.12.23-Thursday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written opened on a flat to positive note at 20929.75; our expected opening band 20910-20950; on the opening move, the Index made a day low 20769.50 thereafter; it moved up in the last hour, made a day high 20950 and closed on a positive note at 20926.35 with an intra gain 19.95 points, i.e., 0.10%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note with gap up near 20995-21035 levels; if open, trade and sustain above 21035 then, the index may test 21075-21125-21160-21210-21260-21340 levels. On the other hand, the immediate support lies at 20850-20815 if, the Index moves below 20815 then, it may try to re-visit 20790-20770-20720-20670-20635 levels.

Special Mention: Yesterday, Nifty Index unable to continue the northward journey beyond the all time high 21037.90, further moved down till 20769.50 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 20770-20700-20500, 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 20995-21035 levels.

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 47190.75; on the opening move, it made a day low 46886.90 thereafter, it moved up, made a day high 47201.95 and closed on a negative note at 47092.25 with an intra loss by 5.30 points, i.e., -0.01%, today the Nifty Bank Index must move above 47200-47285 levels; if to do so, then it may try to test 47380-47440-47505-47585-47670-47775 levels. On the other hand, any weakness near 47200-47285 further, it moves below 47110-47005 then, the Index may re-visit 46960-46890-46800-46760-46695-46635 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.4710.86 Cr. On other hand, the DIIs again turned as a net seller, they sold on the net basis to the tune of Rs.958.49 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.

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