15.12.23-Friday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written opened on a positive note with gap up at 21110.40; our expected opening band 20995-21035; on the opening move, the Index made a day low 21074.45 thereafter; it moved up, made a day high 21210.90 and closed on a positive note at 21182.70 with an intra gain 256.35 points, i.e., 1.23%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 21210-21245-21260 levels; if open, trade and sustain above 21260 then, the index may test 21285-21310-21340-21380 levels. On the other hand, the immediate support lies at 21160-21125 if, the Index moves below 21125 then, it may try to re-visit 21105-21075-21035-21005-20975-20950 levels.

Special Mention: Yesterday, Nifty Index continued the northward journey, made an all time high 21210.90 and closed well above 21037 levels. In the near term, if the Index moves and closes above 21210, then it may test 21340-21600 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 21210-21245-21260 levels.

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 47567.65; on the opening move, it made a day low 47510.85 thereafter, it moved up, made a day high 47943.60 and closed on a positive note at 47732.30 with an intra gain by 640.05 points, i.e.,1.36%, today the Nifty Bank Index must move above 47795-47815-47850 levels; if to do so, then it may try to test 47895-47940-48000-48060-48110-48160 levels. On the other hand, any weakness near 47795-47815-47860 further, it moves below 47660-47610 then, the Index may re-visit 47560-47510-47445-47395-47290-47215 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.3570.07 Cr. On other hand, the DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.553.17 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 Nov'23 released on 14th Dec'23-Thursday, it has moved up to 0.26% as against the Oct'23 level i.e.,-0.52%.

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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