06.12.24-Friday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, opened at 24539.15, our expected opening band 24480-24445, on the opening move it made a day low 24295.55, further it moved up; made a day high 24857.750 and closed on a positive note at 24708.40 with intra gain 240.95 points, i.e., 0.98%.

What will happen today? 

Nifty Index: Today, Nifty Index may open near 24690-24730-24770 levels; if open, trade and sustain above 24770 then, the index may re-test 24795-24825-24855-24900-24950-25000 levels. On the other hand, the immediate support lies at 24645-24610 if, the Index moves below 24610 then, it may try to re-visit 24575-24550-24500-24470-24430-24415-24360-24335-24295 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally beyond our threshold resistance levels i.e., 24770, made a high 24857.75, the intra sell-off dragged till 24500 and closed below our threshold support levels i.e., 24770. Today, the Nifty index must trade, sustain and closes above 24770-24855 then, it may continue the pull back rally to re-test 24950-25125-25220 levels. On the other hand, the immediate support seen at 24500-24290, further weakness below 24290 then, the Index may try to re-visit 23955-23875-23750-23640 levels in the near term. Let see how the Index opens today near 24690-24730-24770 levels. Today, the RBI MPC meet outcome may come by 10 am, trade with caution.

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 53354.45; on the opening move, it made a low 52850.35 thereafter, it moved up, made a high 53888.30 and closed on a positive note at 53603.55 with an intra gain 336.65 points, i.e., 0.63%, today Nifty Bank Index must move and sustain above 53670-53770 levels; if to do so, then it may try to re-test 53890-53935-54010-54170-54250 levels. On the other hand, any weakness near 53670-53770 further, it moves below 53490-53270 then, the Index may re-visit 53145-53050-52920-52850-52790-52660-52530 levels. 

Sensex Index: Yesterday, Sensex opened on a positive note at 81182.74, on the opening move, it made a day low 80467.37; thereafter, it moved up, made a high 82317.74 and closed on a positive note at 81765.86 with an intra gain 809.53 points, i.e., 0.99%, today Sensex must move and sustain above 81975-82100 levels; if to do so, then it may try to re-test 82315-82470-82550-82820 levels. On the other hand, any weakness near 81975-82100 further, it moves below 81610-81400 then, the Index may re-visit 81150-81025-80900-80795-80685-80580-80470 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.8539.91 Cr. On the other hand, DIIs continued as a net seller, they sold on the net basis to the tune of Rs.2303.64 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.

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