11.12.24-Wednesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, opened at 24652.65, our expected opening band 24645-24620-24580, on the opening move it made a day high 24677.80, further it moved down; made a day low 24510.65 and closed on a negative note at 24610.05 with intra loss 8.95 points, i.e., -0.04%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 24575-24630-24650 levels; if open, trade and sustain above 24650 then, the index may re-test 24675-24720-24750-24770-24795-24820-24855 levels. On the other hand, the immediate support lies at 24550-24510 if, the Index moves below 24510 then, it may try to re-visit 24495-24465-24445-24415-24360-24335-24295 levels.

Special Mention: Yesterday, Nifty Index continued the sell-off till our threshold support levels i.e., 24510, made a low 24510.65 and closed above 24570. Today, the Nifty index must trade, sustain and closes above 24685-24770 then, it may continue the pull back rally to re-test 24855-24950-25125 levels. On the other hand, the immediate support seen at 24510-24365-24295, 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 24575-24630-24650 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 53450.05; on the opening move, it made a low 53302.65 thereafter, it moved up, made a high 53624.050 and closed on a positive note at 53577.70 with an intra gain 169.95 points, i.e., 0.32%, today Nifty Bank Index must move and sustain above 53625-53710 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 53625-53710 further, it moves below 53500-53425 then, the Index may re-visit 53300-53245-53170-53095-52970-52850-52790 levels. 

Sensex Index: Yesterday, Sensex opened on a negative note at 81575.96, on the opening move, it made a day high 81726.34; thereafter, it moved down, made a low 81182.69 and closed on a positive note at 81510.05 with an intra gain 1.59 points, i.e., 0.00%, today Sensex must move and sustain above 81575-81615-81725 levels; if to do so, then it may try to re-test 81875-81985-82075-82185-82315-82470 levels. On the other hand, any weakness near 81575-81645-81725 further, it moves below 81450-81390 then, the Index may re-visit 81310-81245-81180-81035-80905-80685-80580-80470 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.1285.96 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.605.79 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 06th Dec'24-Friday, the MPC maintained status quo in the Repo rate without changing the interest rate i.e., 6.50% but , it has reduced the CRR-Cash Reserve Ratio to 4% from the existing level of 4.50%.

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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