05.12.24-Thursday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, opened at 24488.75, our expected opening band 24480-24505, on the opening move it made a day high 24573.20, further it moved down; made a day low 24366.30 and closed on a positive note at 24467.45 with intra gain 10.30 points, i.e., 0.04%.

What will happen today? 

Nifty Index: Today, Nifty Index may open near 24480-24445-24415 levels; if open, trade and sustain above 24480 then, the index may re-test 24510-24540-24575-24595-24630-24650-24680 levels. On the other hand, the immediate support lies at 24390-24355 if, the Index moves below 24355 then, it may try to re-visit 24325-24290-24255-24225-24185-24145-24125 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally beyond our threshold resistance levels i.e., 24535, made a high 24573.20, the intra sell-off dragged till 24366.30 and closed above our threshold support levels i.e., 24415. Today, the Nifty index must trade, sustain and closes above 24535-24590 then, it may continue the pull back rally to re-test 24650-24720-24770 levels. On the other hand, the immediate support seen at 24355-24145, further weakness below 24145 then, the Index may try to re-visit 23875-23750-23350 levels in the near term. Let see how the Index opens today near 24480-24445-24415 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 52775; on the opening move, it made a low 52685.15 thereafter, it moved up, made a high 53387.10 and closed on a positive note at 53266.90 with an intra gain 571.15 points, i.e., 1.07%, today Nifty Bank Index must move and sustain above 53325-53385 levels; if to do so, then it may try to re-test 53465-53575-53700-53815-53930 levels. On the other hand, any weakness near 53325-53385 further, it moves below 53205-53135-53035 then, the Index may re-visit 52950-52850-52765-52685-52540-52495 levels. Please note, the RBI MPC policy meet is expected tomorrow i.e., 06th Dec'24-Friday, till then banking stocks may see upward momentum, the Nifty Bank Index may re-test till 53465-53800-53930 levels.

Sensex Index: Yesterday, Sensex opened on a positive note at 81036.22, on the opening move, it made a day high 81245.39; thereafter, it moved down, made a low 80630.53 and closed on a positive note at 80956.33 with an intra gain 110.58 points, i.e., 0.14%, today Sensex must move and sustain above 81065-81190 levels; if to do so, then it may try to re-test 81245-81410-81520-81690-81770 levels. On the other hand, any weakness near 81065-81190 further, it moves below 80865-80630 then, the Index may re-visit 80505-80460-80390-80275-80160-80050-79905 levels.

FII's & DII's Funds Flow: Yesterday, FIIs continued as a net buyer, they bought on the net basis to the tune of Rs.1797.60 Cr. On the other hand, DIIs continued as a net seller, they sold on the net basis to the tune of Rs.900.62 Cr. 

INDIA's Macro Data:-

On 02nd Dec'24-Monday, the HSBC Manufacturing PMI data for the month of Nov'24 released, it moved down to 56.50 from 57.50 i.e., Oct'24. Likewise, the HSBC Services PMI data for the month of Nov'24 released on 04th Dec'24-Wednesday, it marginally moved down to 58.40 from 58.50 i.e., Oct'24.

The RBI MPC meet held on 09th Oct'24-Wednesday, the MPC maintained status quo in the Repo rate without changing the interest rate i.e., 6.50%. Next, RBI MPC policy meet will be held on 06th Dec'24-Friday.

GDP data for the Q2 ending Sep'24 released on 29th Nov'24-Friday, the GDP has moved down to 5.40% Vs.6.70% (Q1-Jun'24).

IIP data for Sep'24 released on 12th Nov'24-Tuesday, the Industrial production has gone up to 3.10%; when compared to the Aug'24 level, i.e., -.0.10%. 

Annual Inflation data for Oct'24 released on 12th Nov'24-Tuesday, the inflation has gone up to 6.21% from Oct'24 level i.e., 5.49%.

WPI Inflation data for the month of Oct'24 released on 14th Nov'24-Thursday, it has gone up to 2.36% as against the Sep'24 level i.e.,1.84%.

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.