18.12.24-Wednesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, opened at 24584.80, our expected opening band 24660-24635-24600, on the opening move it made a day high 24624.10, further it moved down; made a day low 24303.45 and closed on a negative note at 24336 with intra loss 332.25 points, i.e., -1.37%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 24355-24325-24300 levels; if open, trade and sustain above 24355 then, the index may re-test 24380-24420-24455-24490-24530-24555-24590-24625 levels. On the other hand, the immediate support lies at 24250-24210 if, the Index moves below 24210 then, it may try to re-visit 24180-24145-24105-24070-24030-23990 levels.

Special Mention: Yesterday, Nifty Index continued the sell-off till 24303.45 and closed below our support levels i.e, 24365. Today, the Nifty index must trade, sustain and closes above 24790-24855 then, it may continue the pull back rally to re-test 24570-24790-24855 levels. On the other hand, the immediate support seen at 24250-24180, 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 24355-24325-24300 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 53394.10; on the opening move, it made a high 53515.70 thereafter, it moved up, made a down 52709.40 and closed on a negative note at 52834.80 with an intra loss 746.55 points, i.e., 1.41%, today Nifty Bank Index must move and sustain above 51910-53015 levels; if to do so, then it may try to re-test 53110-53280-53345-53515-53655 levels. On the other hand, any weakness near 53910-53015 further, it moves below 52710-52645 then, the Index may re-visit 52530-52490-52370-52265-52210 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 80855-81045 levels; if to do so, then it may try to re-test 81265-81465-81665-81815-81950-82120-82315 levels. On the other hand, any weakness near 80855-81045 further, it moves below 80610-80415 then, the Index may re-visit 80215-80150-80080-79970-79720 levels.

FII's & DII's Funds Flow: Yesterday, FIIs continued as a net seller, they sold on the net basis to the tune of Rs.6409.86 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.2706.48 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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