02.01.24-Tuesday, 08.30 am 

Good Morning all.....

What has happened yesterday? Nifty Index, as expected and written opened on flat to negative note at 21727.75; our expected opening band 21725-21710-21675; on the opening move, the Index came down, further it moved up, made a day high 21834.35, the last hour sell-off dragged down, made a day low 21680.85 and closed on a flat to positive note at 21741.90 with an intra gain 10.50 points, i.e., 0.05%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 21740-21715-21680 levels; if open, trade and sustain above 21740 then, the index may test 21775-21790-21815-21835-21875-21900-21935-21970 levels. On the other hand, the immediate support lies at 21675-21645 if, the Index moves below 21645 then, it may try to re-visit 21615-21590-21545-21510-21485-21455 levels.

Special Mention: Yesterday, Nifty Index contiuned the northward rally above 21801.45, made a fresh all time high 21834.35, the last hour sell-off dragged down and closed below 21795-21760 levels. In the near term, if the Index moves and closes above 21795-21835, 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 21740-21715-21680 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 48203.45; on the opening move, it made a day high 48450 thereafter, it moved down, made a day low 48044.15 and closed on a negative note at 48234.30 with an intra loss by 47.95 points, i.e., -0.10%, today the Nifty Bank Index must move above 48295-48330 levels; if to do so, then it may try to test 48365-48450-48560-48635-48715-48795 levels. On the other hand, any weakness near 48295-48330 further, it moves below 48200-48115 then, the Index may re-visit 48045-47935-47880-47780-47675-47575 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a net seller, they sold on the net basis to the tune of Rs.855.80 Cr. On other hand, the DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.410.46 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.

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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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