01.02.24-Thursday, 08.30 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a flat note at 21487.25; our expected opening band 21505-21480 on the opening move, made a day low 21448.85; further it moved up, made a day high 21741.35 and closed on a positive note at 21725.70 with an intra gain 203.60 points, i.e., 0.95%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 21740-21770 levels; if open, trade and sustain above 21770 then, the index may test 21810-21835-21870-21910-21960-22010-22040-22070-22125 levels. On the other hand, the immediate support lies at 21700-21660 if, the Index moves below 21660 then, it may try to re-visit 21630-21595-21575-21520-21480-21450-21430-21370-21330-21290-21250 levels.

Special Mention: Yesterday, Nifty Index though it  continued the down ward move till 21448 but the sharp pull back lifted till 21741.35 and closed well above 21630 levels, 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 21740-21770 levels. Today, the intra volatility may be in high due to Union Govt interim Budget, trade with caution is my advise at this juncture.

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 45295.60; on the opening move, it made a day low 45071.20 thereafter, it moved up, made a day high 46179.75 and closed on a positive note at 45996.80 with an intra gain by 629.05 points, i.e., 1.39%, today the Nifty Bank Index must move above 46055-46180 levels; if to do so, then it may try to test 46250-46335-46460-46580-46700-46825-46995 levels. On the other hand, any weakness near 46055-46180 further, it moves below 45920-45850 then, the Index may re-visit 45755-45625-45505-45380-45250-45200-45070-44935-44810-44680 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.1660.72 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2542.93 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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