19.01.24-Friday, 08.30 am 

Good Morning all.....

What has happened yesterday? Nifty Index, as expected and written opened on a negative note at 21414.20; our expected opening band 21510-21470 on the opening move, made a day low 21285.55; further it moved up, made a day high 21539.40 and closed on a negative note at 21462.25 with an intra loss 109.70 points, i.e., -0.51%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 21490-21530-21550 levels; if open, trade and sustain above 21550 then, the index may test 21575-21605-21655-21700-21735-21765-21805-21850 levels. On the other hand, the immediate support lies at 21465-21415 if, the Index moves below 21415 then, it may try to re-visit 21380-21345-21315-21285-21265-21250-21215-21160 levels.

Special Mention: Yesterday, Nifty Index continued the down ward rally reached the important support zone 21290, made a low 21285.55, the Intra day pull back lifted the index till 21539.40 and closed just above our threshold levels i.e.,21450, as long as Nifty not breaching and closes below yesterday's low i.e., 21285.55, not to worry about it's bull run since, this level may act as a strong support. In the near term,  if Nifty 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 21285-21250-22160, if the Index moves and closes below 21160  then, the Index may try to re-visit 20975-20770-20480 levels in the near term. Let see how the Index opens today at 21490-21530-21550 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 45492.75; on the opening move, it made a day low 45430.70 thereafter, it moved up, made a day high 46184.05 and closed on a negative note at 45713.55 with an intra loss by 350.90 points, i.e., -0.76%, today the Nifty Bank Index must move above 45810-45980 levels; if to do so, then it may try to test 46095-46185-46850-46920-47210-47335-47460 levels. On the other hand, any weakness near 45810-45980 further, it moves below 45610-45505 then, the Index may re-visit 45430-45295-45225-45060-44900 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.9,901.56 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.5977.12 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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