29.01.24-Monday, 08.30 am 

Good Morning all .....

What has happened on Thursday? Nifty Index, as expected and written opened on a flat note at 21454.60; our expected opening band 21450-21425-21410 on the opening move, made a day high 21459; further it moved down, made a day low 21247.05 and closed on a negative note at 21352.60 with an intra loss 101.35 points, i.e., -0.47%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 21400-21460-21480 levels; if open, trade and sustain above 21480 then, the index may test 21515-21545-21570-21595-21620-21650-21680-21715-21750 levels. On the other hand, the immediate support lies at 21355-21330 if, the Index moves below 21330 then, it may try to re-visit 21295-21250-21210-21185-21140-21110 levels.

Special Mention: On Thursday, Nifty Index traded on consolidation mode, it formed an inside day pattern i.e., not broken the previous day high or low and closed below 21370, now the Index must trade and close above 21515 for three consecutive trading sessions then only it can re-test 21750-21835, above 21835 then it may test 22125-22210-22460 levels. On the other hand, the strong support now lies at 21140-20975, if the Index moves and closes below 20975 then, the Index may try to re-visit 20870-20770-20480 levels in the near term. Let see how the Index opens today at 21400-21460-21480 levels. 

Nifty Bank Index: On Thursday, Nifty Bank Index opened on a negative note at 45057.95; on the opening move, it made a day low 44429 thereafter, it moved  up, made a day high 45139.05 and closed on a negative note at 44866.15 with an intra loss by 216.25 points, i.e., -0.48%, today the Nifty Bank Index must move above 44930-45060-45140 levels; if to do so, then it may try to test 45250-45330-45375-45505-45630-45760-45950-46040 levels. On the other hand, any weakness near 44930-45060-45140 further, it moves below 44785-44700 then, the Index may re-visit 44600-44510-44430-44310-44235 levels.

FII's & DII's Funds Flow: On Thursday, FIIs continued as a net seller, they sold on the net basis to the tune of Rs.2144.06 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.3474.89 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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