15.01.24-Monday, 08.30 am 

Good Morning all.....

What has happened on Friday? Nifty Index, as expected and written opened on a positive note at 21773.55; our expected opening band 21670-21690 on the opening move, made a day low 21715.15; further it moved up, made a day high 215928.25 and closed on a positive note at 21894.55 with an intra gain 247.35 points, i.e., 1.14%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 21925-21960-21985 levels; if open, trade and sustain above 21985 then, the index may test 22000-22025-22060-22090-22110 levels. On the other hand, the immediate support lies at 21900-21880-21860 if, the Index moves below 21860 then, it may try to re-visit 21835-21795-21765-21740-21715 levels.

Special Mention: On Friday, Nifty Index continued the northward journey, after a brief consolidation move, broken the all time high and made an another all time 21928, our expected near term target is 21980 and closed above 21835 levels. In the near term, if the Index moves and closes above 21940-21980-22025, then it may test 22090-22210-22460 levels. On the other hand, the strong support now lies at 21765-21595-21450, if the Index moves and closes below 21450 then, the Index may try to re-visit 21290-20975 levels in the near term. Let see how the Index opens today at 21925-21960-21985 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a positive note at 47572.70; on the opening move, it made a day low 47408.50 thereafter, it moved up, made a day high 47873.70 and closed on a positive note at 47709.80 with an intra gain by 271.45 points, i.e., 0.57%, today the Nifty Bank Index must move above 47775-47870 levels; if to do so, then it may try to test 47980-48000-48085-48160-48225-48290-48380-48450 levels. On the other hand, any weakness near 47775-47870 further, it moves below 47605-47520 then, the Index may re-visit 47410-47335-47280-47170 levels.

FII's & DII's Funds Flow: On Friday, FIIs continued as a net seller, they sold on the net basis to the tune of Rs.340.05 Cr. On other hand, the DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2911.19 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 Nov'23 released on 12th Jan'24-Friday, the Industrial production has come down to 2.40% when compared to the Oct'23 level, i.e.,11.60%. 

Annual Inflation data for Dec'23 released on 12th Jan'24-Friday, the inflation has further moved up to 5.69% from Nov'23 level i.e., 5.55%.

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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