21.12.23-Thursday, 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 21543.50; our expected opening band 21505-21550; on the opening move, the Index made a day high 21593 thereafter; it moved down, made a day low 21087.35 and closed on a negative note at 21150.15 with an intra loss 302.95 points, i.e., -1.41%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note near 21120-21085-21040 levels; if open, trade and sustain above 21150 then, the index may test 21200-21240-21280-21340-21395-21445-21485-21535 levels. On the other hand, the immediate support lies at 21025-20950 if, the Index moves below 20950 then, it may try to re-visit 20910-20860-20830-20800-20770 levels.

Special Mention: Yesterday, Nifty Index continued the northward journey till our major hurdle level i.e., 21600, made an all time high 21593, as written yesterday, the sell-off triggered, further the index moved down 21087.85 and closed well below 21210 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 21075-20950, if the Index moves and closes below 20950 then, the Index may try to re-visit 20785-20290 levels in the near term. Let see how the Index opens today at 21120-21085 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 48085.40; on the opening move, it made a day high 48166.15 thereafter, it moved down, made a day low 47202.65 and closed on a negative note at 47445.30 with an intra loss by 425.60 points, i.e., -0.89%, today the Nifty Bank Index must move above 47500-47590 levels; if to do so, then it may try to test 47670-47710-47830-47920-48000-48105-48165-48220 levels. On the other hand, any weakness near 47500-47590 further, it moves below 47320-47200 then, the Index may re-visit 47160-47040-46930-46885-46800-46710-46650-46510 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.1322.08 Cr. On other hand, the DIIs  continued as a net buyer, they bought on the net basis to the tune of Rs.4754.34 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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