08.01.24-Monday, 08.30 am 

Good Morning all.....

What has happened on Friday? Nifty Index, as expected and written opened on a positive note at 21705.75;  our expected opening band 21675-21705-21720 on the opening move, made a day high 21749.60 further it moved down, made a day low 21629.20 and closed on a positive note at 21710.80 with an intra gain 57.20 points, i.e., 0.24%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 21725-21690-21675 levels; if open, trade and sustain above 21725 then, the index may test 21750-21780-21800-21835-21860-21895-21925 levels. On the other hand, the immediate support lies at 21655-21630 if, the Index moves below 21630 then, it may try to re-visit 21595-21560-21545-21505-21455-21405 levels.

Special Mention: On Friday, Nifty Index continued the pull back till 21749.60 and closed well above 21680 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 21725-2169-21675 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a positive note at 48245.55; on the opening move, it made a day low 47822.85 thereafter, it moved up, made a day high 48381.95 and closed on a negative note at 48159 with an intra loss by 36.85 points, i.e., -0.08%, today the Nifty Bank Index must move above 48220-48265 levels; if to do so, then it may try to test 48320-48380-48455-48535-48570-48635 levels. On the other hand, any weakness near 48220-48265 further, it moves below 48100-48035 then, the Index may re-visit 47955-47825-47760-47695-47670-47590-47480 levels.

FII's & DII's Funds Flow: On Friday, FIIs turned as a net buyer, they bought on the net basis to the tune of Rs.1696.81 Cr. On other hand, the DIIs continued as a net seller, they sold on the net basis to the tune of Rs.3497.62 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 Dec'23 released on 05th Jan'24, it  moved up to 59% from 56.90% (Nov'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.