10.01.24-Thursday, 08.30 am 

Good Morning all.....

What has happened on yesterday? Nifty Index, as expected and written opened on a positive note with gap up at 21653.60;  our expected opening band 21555-21600-21630 on the opening move, made a day high 21724.25 further it moved down, made a day low 21517.85 and closed on a positive note at 21544.85 with an intra gain 31.85 points, i.e., 0.15%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 21565-21540-21500 levels; if open, trade and sustain above 21565 then, the index may test 21595-21625-21660-21700-21725-21760-21780-21825 levels. On the other hand, the immediate support lies at 21495-21460 if, the Index moves below 21460 then, it may try to re-visit 21430-21405-21385-21355-21330-21305-21290 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally above 21763.95, traded on a range bound and made an inside day pattern i.e., not broken the previous day high and low and closed above 21500 levels. In the near term, if the Index moves and closes above 21765-21835, then it may test 21980-22210-22490 levels. On the other hand, the strong support now lies at 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 21565-21540-21500 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 47705.40; on the opening move, it made a day high 47939.30 thereafter, it moved down, made a day low 47156.05 and closed on a negative note at 47242.65 with an intra loss by 207.60 points, i.e., -0.44%, today the Nifty Bank Index must move above 47250-47340 levels; if to do so, then it may try to test 47455-47545-47625-47710-47770-47840-47940-48020 levels. On the other hand, any weakness near 47250-47340 further, it moves below 47160-47120-47050 then, the Index may re-visit 46925-46885-46815-46735-46655-46570 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.990.90 Cr. On other hand, the DIIs contined as a net buyer, they bought on the net basis to the tune of Rs.104.23 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.

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