17.01.24-Wednesday, 08.30 am 

Good Morning all.....

What has happened yesterday? Nifty Index, as expected and written opened on a flat note at 22080.50; our expected opening band 22100-22070-22055 on the opening move, made a day high 22124.15; further it moved down, made a day low 21969.80 and closed on a negative note at 22032.30 with an intra loss 65.15 points, i.e., -0.29%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note near 22000-21965-21930 levels; if open, trade and sustain above 22000 then, the index may test 22030-22060-22078-22105-22125-22165-22195 levels. On the other hand, the immediate support lies at 21910-21870 if, the Index moves below 21870 then, it may try to re-visit 21835-21810-21770-21765-21730-21705 levels.

Special Mention: Yesterday, Nifty Index continued the northward journey till 22124.15, traded with consolidation move, unable to close above 22090, it closed at 22032.30 levels. In the near term, if the Index moves and closes above 22090 for three consequent trading sessions, then only it can 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 22000-21965-21930 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 48109.95; on the opening move, it made a day high 48305.40 thereafter, it moved down, made a day low 48002.85 and closed on a negative note at 48125.10 with an intra loss by 33.20 points, i.e., -0.07%, today the Nifty Bank Index must move above 48180-48240 levels; if to do so, then it may try to test 48305-48390-48450-48510-48570-48635 levels. On the other hand, any weakness near 48180-48240 further, it moves below 48075-48000 then, the Index may re-visit 47920-47855-47750-47685-47620-47515-47410 levels.

FII's & DII's Funds Flow: Yesterday, FIIs continued as a net buyer, they bought on the net basis to the tune of Rs.656.57 Cr. On the other hand, DIIs continued as a net seller, they sold on the net basis to the tune of Rs.369.29 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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