29.12.23-Friday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written opened on a positive note at 21715; our expected opening band 21675-21725; on the opening move, the Index made a day low 21678 thereafter; it moved up, made a day high 21801.45 and closed on a positive note at 21778.70 with an intra gain 123.95 points, i.e., 0.57%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 21760-21800-21830 levels; if open, trade and sustain above 21830 then, the index may test 21865-21900-21940-21985 levels. On the other hand, the immediate support lies at 21730-21710 if, the Index moves below 21710 then, it may try to re-visit 21675-21645-21615-21595-21560 levels.

Special Mention: Yesterday, Nifty Index continued the northward rally, made an another all time high 21801.45 and closed above 21760 levels. In the near term, if the Index moves and closes above 21760-21795 for an another two trading sessions, then it may test 21980-22210-22490 levels. On the other hand, the strong support now lies at 21590-21495, if the Index moves and closes below 21495 then, the Index may try to re-visit 21285-20950 levels in the near term. Let see how the Index opens today at 21760-21800-21830 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 48479.05; on the opening move, it made a day low 48343.15 thereafter, it moved up, made a day high 48636.45 and closed on a positive note at 48508.55 with an intra gain by 226.35 points, i.e., 0.47%, today the Nifty Bank Index must move above 48560-48635 levels; if to do so, then it may try to test 48720-48795-48870-48945 levels. On the other hand, any weakness near 48560-48635 further, it moves below 48455-48420-48345 then, the Index may re-visit 48270-48200-48130-48070-47980-47880 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.4358.99 Cr. On other hand, the DIIs also turned as a net buyer, they bought on the net basis to the tune of Rs.136.64 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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