20.12.23-Wednesday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written opened on a positive note at 21477.65; our expected opening band 21410-21435-21455; on the opening move, the Index made a day low 21337.75 thereafter; it moved up, made a day high 21505.05 and closed on a positive note at 21453.10 with an intra gain 34.45 points, i.e., 0.16%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note likely with gap up near 21505-21550 levels; if open, trade and sustain above 21550 then, the index may test 21575-21605-21630-21665 levels. On the other hand, the immediate support lies at 21455-21425 if, the Index moves below 21425 then, it may try to re-visit 21400-21375-21335-21320-21290 levels.

Special Mention: Yesterday, Nifty Index continued the northward journey once again, made an all time high 21505.05 and closed well above 21420 levels. In the near term, if the Index moves and closes above 21500-21605, 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 21505-21550 levels. Nifty Index may face strong hurdle near 21600-21795 in this bull run, any weakness near this zone may trigger mild sell-off till 20200 levels .  

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 47940.40; on the opening move, it made a day low 47646.05 thereafter, it moved up, made a day high 48017 and closed on a negative note at 47870.90 with an intra loss by 5.80 points, i.e., -0.01%, today the Nifty Bank Index must move above 47910-48015 levels; if to do so, then it may try to test 48115-48220-48300-48380-48420-48515 levels.  On the other hand, any weakness near 47910-48015 further, it moves below 47790-47735 then, the Index may re-visit 47690-47635-47550-47475-47395 levels.

FII's & DII's Funds Flow: Yesterday, FIIs continued as a net seller, they sold on the net basis to the tune of Rs.601.52 Cr. On other hand, the DIIs  continued as a net buyer, they bought on the net basis to the tune of Rs.294.35 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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