23.01.24-Tuesday, 08.30 am 

Good Morning all.....

What has happened on Saturday? Nifty Index, as expected and written opened on a positive note at 21706.15; our expected opening band 21670-26700 on the opening move, made a day high 21720.30; further it moved down, made a day low 21541.80 and closed on a negative note at 21571.80 with an intra loss  50.60 points, i.e., -0.23%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note with gap up near 21670-21700-21760 levels; if open, trade and sustain above 21760 then, the index may test 21795-21825-21855-21880-21905-21940-21970-22010 levels. On the other hand, the immediate support lies at 21640-21610 if, the Index moves below 21610 then, it may try to re-visit 21565-21535-21510-21485-21455-21410-21380 levels.

Special Mention: On Saturday, Nifty Index continued the releif rally till 21720.30, the brief intra sell-off dragged down till 21541.80, made an engulfing bearish pattern i.e., broken the previous day high and low, further it closed below our threshold support 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 21670-21700-21760 levels. 

Nifty Bank Index: On Saturday, Nifty Bank Index opened on a positive note at 45989.25; on the opening move, it made a day low 45940.90 thereafter, it moved up, made a day high 46183.70 and closed on a positive note at 46058.20 with an intra gain by 357.05 points, i.e., 0.78%, today the Nifty Bank Index must move above 46185-46330-46425 levels; if to do so, then it may try to test 46530-46690-46730-46830-46920-47005-47110-47210 levels. On the other hand, any weakness near 46185-46330-46425 further, it moves below 45940-45845 then, the Index may re-visit 45770-45705-45640-45555-45430 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.545.58 Cr. On the other hand, DIIs turned as a net seller, they sold on the net basis to the tune of Rs.719.31 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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