22.12.23-Friday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written opened on a negative note at 21033.95; our expected opening band 21120-21085-21040; on the opening move, the Index made a day low 20976.80 thereafter; it moved up, made a day high 21288.35 and closed on a positive note at 21255.05 with an intra gain 104.90 points, i.e., 0.50%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 21260-21285-21320 levels; if open, trade and sustain above 21320 then, the index may test 21355-21375-21410-21460-21495-21520 levels. On the other hand, the immediate support lies at 21220-21195 if, the Index moves below 21195 then, it may try to re-visit 21185-21170-21135-21095-21070-21050-21010-20970-20950 levels.

Special Mention: Yesterday, Nifty Index continued the sell-off till our threshold support levels i.e., 20950, made a low 20976.80 and bounced back till 21269.50 and closed above 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 21260-21285-21320 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 47172.45; on the opening move, it made a day low 46919.70 thereafter, it moved up, made a day high 47932.40 and closed on a positive note at 47840.15 with an intra gain by 394.85 points, i.e., 0.83%, today the Nifty Bank Index must move above 47930-48020-48070 levels; if to do so, then it may try to test 48150-48220-48310-48400-48490-48575 levels. On the other hand, any weakness near 47930-48020-48070 further, it moves below 47715-47635 then, the Index may re-visit 47545-47425-47330-47225-47160-47040-46920 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.1636.19 Cr. On other hand, the DIIs  continued as a net buyer, they bought on the net basis to the tune of Rs.1464.70 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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