17.12.24-Tuesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, opened at 24753.40, our expected opening band 24770-24720-24690, on the opening move it made a day high 24781.25, further it moved down; made a day low 24601.75 and closed on a negative note at 24668.25 with intra loss 100.05 points, i.e., -0.41%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 24660-24635-24600 levels; if open, trade and sustain above 24660 then, the index may re-test 24695-24730-24760-24790-24830-24855 levels. On the other hand, the immediate support lies at 24570-24540-24510 if, the Index moves below 24510 then, it may try to re-visit 24485-24450-24415-24355-24325-24295-24250 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally beyond 24792.30, index traded on range bound with consolidation move and closed above our support levels i.e, 24615. Today, the Nifty index must trade, sustain and closes above 24790-24855 then, it may continue the pull back rally to re-test 24950-25125-25200 levels. On the other hand, the immediate support seen at 24510-24350-24180, 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 24660-24635-24600 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 53502.50; on the opening move, it made a low 53335 thereafter, it moved up, made a high 53738.90 and closed on a negative note at 53581.85 with an intra loss 2.45 points, i.e., 0.00%, today Nifty Bank Index must move and sustain above 53675-53740 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 53675-53740 further, it moves below 53490-53355 then, the Index may re-visit 53265-53120-53040-52960-52795-52690-52590 levels. 

Sensex Index: Yesterday, Sensex opened on a negative note at 82000.31, on the opening move, it made a day high 82116.44; thereafter, it moved down made a low 81551.28 and closed on a negative note at 81748.57 with an intra loss 384.55 points, i.e., -0.47%, today Sensex must move and sustain above 81850-81950 levels; if to do so, then it may try to re-test 82050-82115-82210-82270-82315-82470 levels. On the other hand, any weakness near 81850-81950 further, it moves below 81670-81550 then, the Index may re-visit 81465-81395-81330-81200-81070-80935-80775 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a net seller, they sold on the net basis to the tune of Rs.278.70 Cr. On the other hand, DIIs also turned as a net seller, they sold on the net basis to the tune of Rs.234.25 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 Nov'24 released on 16th Dec'24-Monday, it has come down to 1.89% as against the Oct'24 level i.e.,2.36%.

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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