25.01.24-Thursday, 08.30 am 

Good Morning all .....

What has happened yesterday? Nifty Index, contrary to our expectation opened on a negative note at 21185.25; our expected opening band 21255-21285 on the opening move, made a day low 21137.20; further it moved up, made a day high 21482.35 and closed on a positive note at 21453.95 with an intra gain 67.35 points, i.e., 0.15%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 21450-21425-21410 levels; if open, trade and sustain above 21450 then, the index may test 21485-21515-21540-21555-21570-21595-21620-21650-21680 levels. On the other hand, the immediate support lies at 21395-21380 if, the Index moves below 21380 then, it may try to re-visit 21350-21310-21270-21240-21220-21185-21140-21110 levels.

Special Mention: Yesterday, Nifty Index continued the down ward move till 21137.20 and took support at our threshold levels i.e.,  21160, further bouced back till 21482 and closed above 21285, now the Index must trade and close above 21540 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 21450-21425-21410 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 44489.40; on the opening move, it made a day low 44489.40 thereafter, it moved  up, made a day high 45485.50 and closed on a positive note at 45082.40 with an intra gain by 67.45 points, i.e., 0.15%, today the Nifty Bank Index must move above 45105-45195 levels; if to do so, then it may try to test 45275-45370-45485-45580-45710-45755-45845 levels. On the other hand, any weakness near 45105-45195 further, it moves below 45045-44945 then, the Index may re-visit 44870-44725-44610-44490-44355-44220 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.6934.93 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.6012.67 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.