24.01.24-Wednesday, 08.30 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a positive note with gap up at 21716.70; our expected opening band 21700-21760 on the opening move, made a day high 21750.25; further it moved down, made a day low 21192.60 and closed on a negative note at 21238.80 with an intra loss 333 points, i.e., -1.54%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 21255-21270-21285 levels; if open, trade and sustain above 21285 then, the index may test 21355-21395-21425-21455-21470-21520-21565-21585-21630 levels. On the other hand, the immediate support lies at 21190-21160 if, the Index moves below 21160 then, it may try to re-visit 21120-21095-21060-21040-21015-20975-20925-21870 levels.

Special Mention: Yesterday, Nifty Index continued the releif rally till 21750.25, the intra sell-off dragged down once again till 21192.60, further it closed below our threshold support levels i.e.,21285, now the Index must trade and close above 21285 for three consecutive trading sessions then only it can re-test 21765-21835, above 21835 then it may test 22125-22210-22460 levels. On the other hand, the strong support now lies at 21160-20975, if the Index moves and closes below 20870  then, the Index may try to re-visit 20870-20770-20480 levels in the near term. Let see how the Index opens today at 21255-21270-21285 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 46495.45; on the opening move, it made a day high 46580.30 thereafter, it moved down, made a day low 44886.10 and closed on a negative note at 45015.05 with an intra loss by 1043.15 points, i.e., -2.26%, today the Nifty Bank Index must move above 45105-45285 levels; if to do so, then it may try to test 45410-45530-45635-45775-45830-45925-46050 levels. On the other hand, any weakness near 45105-45285 further, it moves below 44900-44845 then, the Index may re-visit 44720-44600-44510-44410-44255 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.3115.39 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.214.40 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.

Research Analyst Disclaimer: Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.