28.12.23-Thursday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written opened on a positive note at 21497.65; our expected opening band 21475-21520; on the opening move, the Index made a day low 21495.80 thereafter; it moved up, made a day high 21675.75 and closed on a positive note at 21654.75 with an intra gain 213.40 points, i.e., 1.00%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 21675-21725 levels; if open, trade and sustain above 21725 then, the index may test 21760-21795-21820-21855-21895 levels. On the other hand, the immediate support lies at 21620-21590 if, the Index moves below 21590 then, it may try to re-visit 21570-21535-21515-21495-21445 levels.

Special Mention: Yesterday, Nifty Index continued the northward rally beyond 21593, made an another all time high 21675.75 and closed well above 21605 levels. In the near term, if the Index moves and closes above 21760-21795, then it may test 21980-22210 levels. On the other hand, the strong support now lies at 21495-21285, if the Index moves and closes below 21285 then, the Index may try to re-visit 20950-20785 levels in the near term. Let see how the Index opens today at 21675-21725 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 47818.50; on the opening move, it made a day low 47806.70 thereafter, it moved up, made a day high 48347.65 and closed on a positive note at 48282.20 with an intra gain by 557.35 points, i.e., 1.17%, today the Nifty Bank Index must move above 48350-48420 levels; if to do so, then it may try to test 48495-48575-48645-48715 levels. On the other hand, any weakness near 48350-48420 further, it moves below 48280-48190 then, the Index may re-visit 48140-48075-48015-47970-47935-47870-47810 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a net buyer, they bought on the net basis to the tune of Rs.2926.25 Cr. On other hand, the DIIs tunred as a net seller, they sold on the net basis to the tune of Rs.192.01 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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