12.01.24-Friday, 08.30 am 

Good Morning all.....

What has happened on yesterday? Nifty Index, as expected and written opened on a positive note at 21688; our expected opening band 21640-21670 on the opening move, made a day high 21726.50; further it moved down, made a day low 21593.50 and closed on a positive note at 21647.20 with an intra gain 28.50 points, i.e., 0.13%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a  flat to positive note near 21645-21670-21690 levels; if open, trade and sustain above 21690 then, the index may test 21710-21725-21760-21790-21835-21860-21895 levels. On the other hand, the immediate support lies at 21625-21595 if, the Index moves below 21595 then, it may try to re-visit 21570-21545-21520-21495-21470-21445-21405 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally, made a high 21726 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 21640-21670-21690 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 47538.60; on the opening move, it made a day high 47662.10 thereafter, it moved down, made a day low 47237 and closed on a positive note at 47438.75 with an intra gain by 77.50 points, i.e., 0.16%, today the Nifty Bank Index must move above 47500-47540-47570 levels; if to do so, then it may try to test 47615-47660-47700-47775-47825-47860-47980-48015-48090 levels. On the other hand, any weakness near 47500-47540-47570 further, it moves below 47400-47335 then, the Index may re-visit 47285-47235-47170-47120-47065-47010-46920 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.865 Cr. On other hand, the DIIs contined as a net buyer, they bought on the net basis to the tune of Rs.1607.08 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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