31.01.24-Wednesday, 08.30 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a flat to positive note at 21775.75; our expected opening band 21725-21740-21765 on the opening move, made a day high 21813.05; further it moved down, made a day low 21501.80 and closed on a negative note at 21737.60 with an intra loss 215.50 points, i.e., -0.99%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 21540-21505-21480 levels; if open, trade and sustain above 21540 then, the index may test 21565-21595-21620-21655-21695-21720-21745-21780-21810-21835 levels. On the other hand, the immediate support lies at 21480-21430 if, the Index moves below 21430 then, it may try to re-visit 21395-21360-21345-21330-21295-21255-21215-21160 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally till our threshold resistance levels i.e., 21835, made a high 21813.05, the brief sell-off dragged till 21501.80 and closed just 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 21430-21330, 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 21540-21505-21480 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 45481.50; on the opening move, it made a day high 45678.70 thereafter, it moved down, made a day low 45206.05 and closed on a negative note at 45367.75 with an intra loss by 74.60 points, i.e., -0.16%, today the Nifty Bank Index must move above 45450-45540 levels; if to do so, then it may try to test 45620-45680-45740-45805-45950-46040-46120-46225 levels. On the other hand, any weakness near 45450-45540 further, it moves below 45315-45200 then, the Index may re-visit 45125-45055-44980-44905-44815-44725-44575 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a net seller, they sold on the net basis to the tune of Rs.1970.52 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.1002.70 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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