09.12.24-Monday, 08.50 am 

Good Morning all .....

What has happened on Friday? Nifty Index, opened at 24729.45, our expected opening band 24690-24730-24770, on the opening move it made a day high 24751.05, further it moved down; made a day low 24620.50 and closed on a negative note at 24677.80 with intra loss 30.60 points, i.e., -0.12%.

What will happen today? 

Nifty Index: Today, Nifty Index may open near 24700-24650-24620 levels; if open, trade and sustain above 24700 then, the index may re-test 24725-24750-24770-24795-24820-24855-24900-24950 levels. On the other hand, the immediate support lies at 24575-24545 if, the Index moves below 24545 then, it may try to re-visit 24510-24495-24470-24440-24415-24360-24335-24295 levels.

Special Mention: On Friday, Nifty Index unable to continue the pull back rally beyond 24857.75, traded in range bound, made an inside day pattern i.e, not broken the previous day high or low levels and closed just above our threshold support levels i.e., 24650. 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 24575-24295, further weakness below 24295 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  24700-24650-24620 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a positive note at 53634.20; on the opening move, it made a low 53160.65 thereafter, it moved up, made a high 53868.50 and closed on a negative note at 53509.50 with an intra loss 94.05 points, i.e., -0.18%, today Nifty Bank Index must move and sustain above 53600-53660 levels; if to do so, then it may try to re-test 53765-53890-53935-54060-54200-54330-53465 levels. On the other hand, any weakness near 53600-53660 further, it moves below 53470-53325 then, the Index may re-visit 53245-53160-53095-52970-52850-52760-52660 levels. 

Sensex Index: On Friday, Sensex opened on a positive note at 81887.54, on the opening move, it made a day high 81925.91; thereafter, it moved down, made a low 81506.19 and closed on a negaitve note at 81709.12 with an intra loss 56.74 points, i.e., -0.07%, today Sensex must move and sustain above 81790-81925 levels; if to do so, then it may try to re-test 82040-82105-82320-82470-82550-82820 levels. On the other hand, any weakness near 81790-81925 further, it moves below 81630-81500 then, the Index may re-visit 81390-81285-81175-81040-80905-80685-80580-80470 levels.

FII's & DII's Funds Flow: On Friday, FIIs turned as a net seller, they sold on the net basis to the tune of Rs.1830.31 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.1659.06 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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