03.01.24-Wednesday, 08.30 am 

Good Morning all.....

What has happened yesterday? Nifty Index, as expected and written opened on flat note at 21751.35; our expected opening band 21740-21715-21680 on the opening move, made a day high 21755.60, further it moved down, made a day low 21555.65 and closed on a negative note at 21665.80 with an intra loss 76.10 points, i.e., -0.35%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note near 21655-21635-21590 levels; if open, trade and sustain above 21655 then, the index may test 21675-21695-21715-21735-21755-21775-21800-21835 levels. On the other hand, the immediate support lies at 21555-21530-21505 if, the Index moves below 21505 then, it may try to re-visit 21495-21455-21405-21355-21305 levels.

Special Mention: Yesterday, Nifty Index unable to contiune the northward rally above 21834.35, further the mild sell-off dragged down till 21555.85 and closed below 21675 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 21560-21495-21305, if the Index moves and closes below 21305 then, the Index may try to re-visit 21180-20975 levels in the near term. Let see how the Index opens today at 21655-21635-21590 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 48194.80; on the opening move, it made a day high 48223.55 thereafter, it moved down, made a day low 47689.80 and closed on a negative note at 47761.65 with an intra loss by 472.65 points, i.e., -0.98%, today the Nifty Bank Index must move above 47815-47890 levels; if to do so, then it may try to test 47955-47985-48050-48110-48160-48225 levels. On the other hand, any weakness near 47815-47890 further, it moves below 47690-47575 then, the Index may re-visit 47545-47450-47410-47325-47255-47185 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.1602.90 Cr. On other hand, the DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.1959.04 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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