Wish you a Happy New Year to you and your family....
What has happened on Friday? Nifty Index, contrary to our expectation opened on a negative note at 21727.65; our expected opening band 21760-21800-21830; on the opening move, the Index made a day high 21770.30 thereafter; it moved down, made a day low 21676.90 and closed on a negative note at 21731.40 with an intra loss 47.30 points, i.e., -0.22%.
What will happen today?
Nifty Index: Today, Nifty Index may open on a flat to negative note near 21725-21710-21675 levels; if open, trade and sustain above 21725 then, the index may test 21755-21770-21800-21825-21865-21900 levels. On the other hand, the immediate support lies at 21650-21625 if, the Index moves below 21625 then, it may try to re-visit 21595-21560-21525-21505-21485-21465 levels.
Special Mention: On Friday, Nifty Index unable to continue the northward rally above 21801.45, the consolidation-cum-mild profit booking draggged the Index till 21676.90 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 21590-21560-21495, if the Index moves and closes below 21495 then, the Index may try to re-visit 21290-20975 levels in the near term. Let see how the Index opens today at 21725-21710-21675 levels.
Nifty Bank Index: On Friday, Nifty Bank Index opened on a negative note at 48374.85; on the opening move, it made a day high 48477.70 thereafter, it moved down, made a day low 48091.85 and closed on a negative note at 48282.25 with an intra loss by 226.30 points, i.e., -0.47%, today the Nifty Bank Index must move above 48330-48385 levels; if to do so, then it may try to test 48435-48475-48580-48675-48785 levels. On the other hand, any weakness near 48330-48385 further, it moves below 48240-48135 then, the Index may re-visit 48090-47985-47930-47840-47780-47675-47575 levels.
FII's & DII's Funds Flow: Yesterday, FIIs continued as a net buyer, they bought on the net basis to the tune of Rs.1459.12 Cr. On other hand, the DIIs also continued as a net buyer, they bought on the net basis to the tune of Rs.554.39 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.
Research Analyst Disclaimer: Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.