16.01.24-Tuesday, 08.30 am 

Good Morning all.....

What has happened yesterday? Nifty Index, as expected and written opened on a positive note at 22053.15; our expected opening band 21960-21985 on the opening move, made a day low 21963.55; further it moved up, made a day high 22115.55 and closed on a positive note at 22097.45 with an intra gain 202.90 points, i.e., 0.93%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 22100-22070-22055 levels; if open, trade and sustain above 22100 then, the index may test 22125-22150-22170-22195-22220-22250 levels. On the other hand, the immediate support lies at 21025-21000 if, the Index moves below 21000 then, it may try to re-visit 21965-21935-21920-21890-21870-21835-21810-21770 levels.

Special Mention: Yesterday, Nifty Index continued the northward journey till 22115.55, our expected near term target is 22090 and closed above 22090 levels. In the near term, if the Index moves and closes above 22090 for two more consequent trading sessions, then it may test 22210-22460 levels. On the other hand, the strong support now lies at 21835-21765, if the Index moves and closes below 21765 then, the Index may try to re-visit 21450-21290-20975 levels in the near term. Let see how the Index opens today at 22100-22070-22055 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 47891.05; on the opening move, it made a day low 47825.40 thereafter, it moved up, made a day high 48248.05 and closed on a positive note at 48158.30 with an intra gain by 448.50 points, i.e., 0.94%, today the Nifty Bank Index must move above 48200-48250 levels; if to do so, then it may try to test 48290-48380-48450-48510-48570-48635 levels. On the other hand, any weakness near 48200-48250 further, it moves below 48085-48020 then, the Index may re-visit 47985-47925-47875-47825-47710-47630-47485 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.1085.72 Cr. On other hand, the DIIs also turned as a net seller, they sold on the net basis to the tune of Rs.820.69 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 Dec'23 released on 15th Jan'24-Monday, it has moved up to 0.73% as against the Nov'23 level i.e.,0.26%.

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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