19.12.23-Tuesday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written opened on a negative note at 21434.80; our expected opening band 21435-21415-21365; on the opening move, the Index made a day low 21365.35 thereafter; it moved up, made a day high 21482.80 and closed on a positive note at 21418.65 with an intra loss 38 points, i.e., -0.18%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 21410-21435-21455 levels; if open, trade and sustain above 21455 then, the index may test 21480-21495-21515-21560-21605-21630 levels. On the other hand, the immediate support lies at 21365-21335 if, the Index moves below 21335 then, it may try to re-visit 21310-21280-21250-21215-21175-21130-21090-21045 levels.

Special Mention: Yesterday, Nifty Index unable to continue the northward journey above all time high i.e., 21492.30, moved down till 21365, made an inside day i.e., not broken the previous day high or low levels and closed well above 21210 levels. In the near term, if the Index moves and closes above 21500-21600, then it may test 21795-21980 levels. On the other hand, the strong support now lies at 21210-21075, if the Index moves and closes below 21075 then, the Index may try to re-visit 20900-20770-20290 levels in the near term. Let see how the Index opens today at 21410-21435-21455 levels.

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 48068.50; on the opening move, it made a day high 48076.60 thereafter, it moved down, made a day low 47806.70 and closed on a negative note at 47876.70 with an intra loss by 266.85 points, i.e., -0.55%, today the Nifty Bank Index must move above 47910-47975 levels; if to do so, then it may try to test 48060-48150-48220-48345-48420-48515 levels.  On the other hand, any weakness near 47910-47975 further, it moves below 47805-47735 then, the Index may re-visit 47710-47635-47555-47475-47395 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a net seller, they marginally sold on the net basis to the tune of Rs.33.51 Cr. On other hand, the DIIs also turned as a net buyer, they bought on the net basis to the tune of Rs.413.88 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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