19.12.24-Thursday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, opened at 24297.85, our expected opening band 24355-24325-24300, on the opening move it made a day high 24394.45, further it moved down; made a day low 24149.85 and closed on a negative note at 24198.85 with intra loss 137.15 points, i.e., -0.57%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 24150-24105-24060 levels; if open, trade and sustain above 24150 then, the index may re-test 24180-24215-24250-24275-24320-24355-24395-24430-24460 levels. On the other hand, the immediate support lies at 24010-23965 if, the Index moves below 23965 then, it may try to re-visit 23930-23900-23875-23845-23815-23785-23755 levels.

Special Mention: Yesterday, Nifty Index continued the sell-off beyond our support levels i.e., 24180, made a low till 24149.85 and closed above 24180. Today, the Nifty index must trade, sustain and closes above 24390-24500 then, it may continue the pull back rally to re-test 24650-24790-24855 levels. On the other hand, the immediate support seen at 24060-24010-23875, further weakness below 23875 then, the Index may try to re-visit 23640-23450 levels in the near term. Let see how the Index opens today near 24150-24105-24060 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 52696.95; on the opening move, it made a high 52827.60 thereafter, it moved down, made a low 52010.65 and closed on a negative note at 52139.55 with an intra loss 695.25 points, i.e., -1.33%, today Nifty Bank Index must move and sustain above 52225-52325 levels; if to do so, then it may try to re-test 52420-52585-52685-52735-52825-53010 levels. On the other hand, any weakness near 52225-52325 further, it moves below 52010-51835 then, the Index may re-visit 51790-51695-51595-51470-51350-51200-51055 levels. 

Sensex Index: Yesterday, Sensex opened on a negative note at 80666.26, on the opening move, it made a day high 80868.02; thereafter, it moved down made a low 80050.07 and closed on a negative note at 80182.20 with an intra loss 502.25 points, i.e., -0.63%, today Sensex must move and sustain above 80340-80460 levels; if to do so, then it may try to re-test 80630-80775-80875-81000-81130 levels. On the other hand, any weakness near 80340-80460 further, it moves below 80050-79885 then, the Index may re-visit 79720-79560-79440-79320-79220-79070-78920 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.1316.81 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.4084.08 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.

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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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