05.01.24-Friday, 08.30 am 

Good Morning all.....

What has happened yesterday? Nifty Index, contrary to our expectation opened on a positive note with gap up at 21605.80;  our expected opening band 21505-21520-21540 on the opening move, made a day low 21564.55 further it moved up, made a day high 21685.65 and closed on a positive note at 21658.60 with an intra gain 141.25 points, i.e., 0.66%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 21675-21705-21720 levels; if open, trade and sustain above 21720 then, the index may test 21735-21760-21795-21815-21835-21860-21895 levels. On the other hand, the immediate support lies at 21650-21625-21610 if, the Index moves below 21610 then, it may try to re-visit 21565-21540-21500-21460-21405-21355 levels.

Special Mention: Yesterday, Nifty Index unable to continue the downward rally below 21500, the pull back rally lifted the index till 21685 and closed well above 21595 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 21500-21305, 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 21675-21705-21720 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 47805.40; on the opening move, it made a day low 47738.15 thereafter, it moved up, made a day high 48281.20 and closed on a positive note at 48195.85 with an intra gain by 490.90 points, i.e.,1.03%, today the Nifty Bank Index must move above 48220-48280 levels; if to do so, then it may try to test 48300-48345-48395-48430-48505-48570-48635 levels. On the other hand, any weakness near 48220-48280 further, it moves below 48125-48065 then, the Index may re-visit 47945-47865-47785-47735-47670-47590-47480 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.1513.41 Cr. On other hand, the DIIs continued as a net seller, they sold on the net basis to the tune of Rs.1387.36 Cr. 

INDIA's Macro Data:

On 03rd Jan'24, the S&P Global Manufacturing PMI data for the month of Dec'23 released, it moved down to 54.90% from 56% (Nov'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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