10.12.24-Tuesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, opened at 24633.90, our expected opening band 24700-24650-24620, on the opening move it made a day high 24705, further it moved down; made a day low 24580.05 and closed on a negative note at 24619 with intra loss 58.80 points, i.e., -0.24%.

What will happen today? 

Nifty Index: Today, our expected opening band for Nifty Index near 24645-24620-24580 levels; if open, trade and sustain above 24645 then, the index may re-test 24670-24705-24740-24770-24795-24820-24855-24900 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 24510-24495-24470-24445-24415-24360-24335-24295 levels.

Special Mention: Yesterday, Nifty Index continued the sell-off till 24580 levels and closed just below our threshold support levels i.e., 24650. Today, the Nifty index must trade, sustain and closes above 24700-24770 then, it may continue the pull back rally to re-test 24855-24950-25125 levels. On the other hand, the immediate support seen at 24510-24295, 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 24645-24620-24580 levels. It looks, Nifty Index may trade in range bound with consolidation mode between 24855-24295 levels in the near term, it may take further direction only by breaking either of these levels.    

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 53380.75; on the opening move, it made a high 53775.10 thereafter, it moved low, made a low 53326.40 and closed on a negative note at 53407.75 with an intra loss 101.75 points, i.e., -0.19%, today Nifty Bank Index must move and sustain above 53500-53650 levels; if to do so, then it may try to re-test 53775-53890-53935-54060-54200-54330 levels. On the other hand, any weakness near 53500-53650 further, it moves below 53365-53325 then, the Index may re-visit 53245-53160-53095-52970-52850-52760-52660 levels. 

Sensex Index: Yesterday, Sensex opened on a negative note at 81602.58, on the opening move, it made a day high 81783.28; thereafter, it moved down, made a low 81411.55 and closed on a negative note at 81508.46 with an intra loss 200.66 points, i.e., -0.25%, today Sensex must move and sustain above 81600-81675 levels; if to do so, then it may try to re-test 81785-81885-82105-82210-82315-82390-82475 levels. On the other hand, any weakness near 81600-81675 further, it moves below 81450-81390 then, the Index may re-visit 81310-81285-81175-81040-80905-80685-80580-80470 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.724.27 Cr. On the other hand, DIIs turned as a net seller, they sold on the net basis to the tune of Rs.1648.07 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.

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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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