18.01.24-Thursday, 08.30 am 

Good Morning all.....

What has happened yesterday? Nifty Index, as expected and written opened on a negative note but with huge gap down at 21647.25; our expected opening band 21965-21930 on the opening move, made a day high 21851.50; further it moved down, made a day low 21550.45 and closed on a negative note at 21571.95 with an intra loss 460.35 points, i.e., -2.09%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note near 21550-21510-21470 levels; if open, trade and sustain above 21550 then, the index may test 21575-21615-21665-21700-21735-21765-21815-21850 levels. On the other hand, the immediate support lies at 21450-21415 if, the Index moves below 21415 then, it may try to re-visit 21390-21360-21325-21290-21265-21250 levels.

Special Mention: Yesterday, Nifty Index witnessed a huge sell-off, heavy selling pressure seen in Nifty Bank Index, especially HDFC Bank dragged down more than 8% due to it's Q3 results, the Nifty Index made a low 21550.45 and closed well below 21640 levels, as written on 16th Jan and yesterday the index unable to close above 22090 levels. In the near term, if the Index moves and closes above 21765-21835 then only it can test 22125-22210-22460 levels. On the other hand, the strong support now lies at 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 21550-21510-21470 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 46573.95; on the opening move, it made a day high 47212.75 thereafter, it moved down, made a day low 45979.60 and closed on a negative note at 46064.45 with an intra loss by 2060.65 points, i.e., -4.28%, today the Nifty Bank Index must move above 46155-46255 levels; if to do so, then it may try to test 48370-46450-46525-46595-46670-46850-46945-47070-47145 levels. On the other hand, any weakness near 46155-46255 further, it moves below 45980-45930 then, the Index may re-visit 45930-45805-45745-45645-45485-45295 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a net seller, they sold heavily on the net basis to the tune of Rs.10,578.13 Cr. On the other hand, DIIs turned as a net buyer, they bough on the net basis to the tune of Rs.4006.44 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.

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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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