30.01.24-Tuesday, 08.30 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a positive note at 21454.60; our expected opening band 21450-21425-21410 on the opening move, made a day low 21429.60; further it moved up, made a day high 21763.25 and closed on a positive note at 21737.60 with an intra gain 385 points, i.e., 1.80%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 21725-21740-21765 levels; if open, trade and sustain above 21765 then, the index may test 21795-21835-21870-21895-21915-21960 levels. On the other hand, the immediate support lies at 21690-21660 if, the Index moves below 21660 then, it may try to re-visit 21630-21605-21580-21555-21515-21495-21470-21430 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally, made a  high 21763 and closed well above 21515, now the Index must trade and close above 21750-21835 for three consecutive trading sessions then only it can re-test 21915-22125, above 22125 then it may test 22210-22460 levels. On the other hand, the strong support now lies at 21515-21330, if the Index moves and closes below 21330 then, the Index may try to re-visit 21140-20870 levels in the near term. Let see how the Index opens today at 21725-21740-21765 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 45171.50; on the opening move, it made a day low 45110.90 thereafter, it moved  up, made a day high 45660.35 and closed on a positive note at 45442.35 with an intra gain by 576.20 points, i.e., 1.28%, today the Nifty Bank Index must move above 45500-45595 levels; if to do so, then it may try to test 45660-45810-45880-45950-46040-46120-46225 levels. On the other hand, any weakness near 45500-45595 further, it moves below 45320-45205 then, the Index may re-visit 45110-44960-44900-44810-44720-44575 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a net buyer they bought on the net basis to the tune of Rs.110.01 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.3221.34 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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