20.01.24-Saturday, 08.30 am - 22.01.24-Monday is a Special Holiday

Good Morning all.....

What has happened yesterday? Nifty Index, as expected and written opened on a positive note at 21615.20; our expected opening band 21530-29550 on the opening move, made a day high 21670.60; further it moved down, made a day low 21575 and closed on a positive note at 21622.40 with an intra gain 160.15 points, i.e., 0.75%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 21645-21670-21700 levels; if open, trade and sustain above 21700 then, the index may test 21730-21765-21805-21835-21880-21910-21945 levels. On the other hand, the immediate support lies at 21610-21585-21575 if, the Index moves below 21575 then, it may try to re-visit 21540-21500-21450-21420-21385-21350-21310-21285-21250 levels.

Special Mention: Yesterday, Nifty Index continued the releif rally and not breached our threshold support level i.e., 21290, made a high 21670.60, traded in range bound, made an inside day pattern i.e., not broken the previous day high and low, further it closed above our threshold levels i.e.,21605, as long as Nifty not breaching and closes below 21285.55 levels, 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 21540-21285-21160, 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 21645-21670-21700 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 46103.50; on the opening move, it made a day high 46249.85 thereafter, it moved down, made a day low 45558.05 and closed on a flat to  negative note at 45701.15 with an intra loss by 12.40 points, i.e., -0.03%, today the Nifty Bank Index must move above 45760-45835 levels; if to do so, then it may try to test 45920-46005-46070-46195-46280-46475-46530-46690 levels. On the other hand, any weakness near 45760-45835 further, it moves below 45640-45560-45505 then, the Index may re-visit 45480-45360-45295-45225-45060-44900 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.3,689.68 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2,638.46 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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