16.12.24-Monday, 08.50 am 

Good Morning all .....

What has happened on Friday? Nifty Index, opened at 24498.35, on the opening move it made a day low 246180.80, further it moved up; made a day high 24792.30 and closed on a positive note at 24768.30 with intra gain 219.60 points, i.e., 0.89%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 24770-24720-24690 levels; if open, trade and sustain above 24770 then, the index may re-test 24795-24825-24855-24885-24925-24950 levels. On the other hand, the immediate support lies at 24660-24615 if, the Index moves below 24615 then, it may try to re-visit 24575-25555-24500-24485-24450-24415-24355-24325-24295-24250 levels.

Special Mention: On Friday, Nifty Index continued the sell-off till 24180, the late hour pull back lifted the index till 24792.30 and closed just near our resistance levels i.e, 24770. Today, the Nifty index must trade, sustain and closes above 24855-24950 then, it may continue the pull back rally to re-test 25125-25200-25395 levels. On the other hand, the immediate support seen at 24350-24180, further weakness below 24180 then, the Index may try to re-visit 23955-23875 levels in the near term. Let see how the Index opens today near 24770-24720-24690 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a negative note at 53109.80; on the opening move, it made a low 52264.55 thereafter, it moved up, made a high 53654.00 and closed on a positive note at 53583.80 with an intra gain 367.35 points, i.e., 0.69%, today Nifty Bank Index must move and sustain above 53655-53775 levels; if to do so, then it may try to re-test 53890-53935-54060-54200-54330 levels. On the other hand, any weakness near 53655-53775 further, it moves below 53410-53355 then, the Index may re-visit 53245-53120-53040-52960-52795-52690-52590 levels. 

Sensex Index: On Friday, Sensex opened on a negative note at 81212.45, on the opening move, it made a day low 80082.82; thereafter, it moved up, made a high 82213.92 and closed on a positive note at 82133.12 with an intra gain 843.16 points, i.e., 1.03%, today Sensex must move and sustain above 82210-82315 levels; if to do so, then it may try to re-test 81875-81985-82470-82630-82790-83050-83290 levels. On the other hand, any weakness near 82210-82315 further, it moves below 81970-81880 then, the Index may re-visit 81755-81590-81400-81150-81020-80900-80740-80585 levels.

FII's & DII's Funds Flow: On Friday, 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 Oct'24 released on 12th Dec'24-Thursday, the Industrial production has gone up to 3.50%; when compared to the Sep'24 level, i.e., 3.10%. 

Annual Inflation data for Nov'24 released on 12th Dec'24-Thursday, the inflation has come down to 5.48% from Nov'24 level i.e., 6.21%.

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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