11.01.24-Friday, 08.30 am 

Good Morning all.....

What has happened on yesterday? Nifty Index, as expected and written opened on a flat to negative note at 21529.30;  our expected opening band 21565-21540-21500 on the opening move, made a day low 21448.65; further it moved up, made a day high 21641.85 and closed on a positive note at 21618.70 with an intra gain 73.85 points, i.e., 0.34%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 21640-21670 levels; if open, trade and sustain above 21670 then, the index may test 21695-21725-21750-21790-21825-21855 levels. On the other hand, the immediate support lies at 21600-21560 if, the Index moves below 21560 then, it may try to re-visit 21545-21520-21495-21470-21445-21405-21355 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally and broken the support level i.e.,21500-21495 made a low 21448.65, the brief intra pull back lifted till 21641.85 and closed above 21600 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 21450-21305, 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 21640-21670 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 47073.85; on the opening move, it made a day low 47010.80 thereafter, it moved up, made a day high 47423.85 and closed on a positive note at 47360.85 with an intra gain by 118.20 points, i.e., 0.25%, today the Nifty Bank Index must move above 47425-47535 levels; if to do so, then it may try to test 47630-47695-47725-47775-47825-47860-47980-48015-48090 levels. On the other hand, any weakness near 47425-47535 further, it moves below 47305-47290-47170 then, the Index may re-visit 47105-47010-46920-46890-46810 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.2080.01 Cr. On other hand, the DIIs contined as a net buyer, they bought on the net basis to the tune of Rs.1721.35 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.

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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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