What has happened yesterday? Nifty Index, opened at 23877.15, our expected opening band 24150-24105-24060,on the opening move it made a day low 23870.30, further it moved up; made a day high 24004.90 and closed on a negative note at 23951.70 with intra loss 247.15 points, i.e., -1.03%.
What will happen today?
Nifty Index: Today, we expect the Nifty may open near 23975-23930-23900 levels; if open, trade and sustain above 23975 then, the index may re-test 24005-24040-24085-24120-24155-24180-24220-24275 levels. On the other hand, the immediate support lies at 23870-23830-24780 if, the Index moves below 23780 then, it may try to re-visit 23755-23700-23670-23640-23605 levels.
Special Mention: Yesterday, Nifty Index continued the sell-off till our threshold support levels i.e., 23875, made a low till 23870.30 and closed below 23975. Today, the Nifty index must trade, sustain and closes above 24100-24250 then, it may continue the pull back rally to re-test 24370-24570-24790 levels. On the other hand, the immediate support seen at 23875-23780, further weakness below 23780 then, the Index may try to re-visit 23640-23450 levels in the near term. Let see how the Index opens today near 23975-23930-23900 levels.
Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 51428.45; on the opening move, it made a low 51283.75 thereafter, it moved up, made a high 51788.85 and closed on a negative note at 51575.70 with an intra loss 563.85 points, i.e., -1.09%, today Nifty Bank Index must move and sustain above 51630-51790 levels; if to do so, then it may try to re-test 51930-52080-52320-52500-52685-52850 levels. On the other hand, any weakness near 51630-51790 further, it moves below 51460-51385 then, the Index may re-visit 51325-51265-51060-51055-50900-50755 levels.
Sensex Index: Yesterday, Sensex opened on a negative note at 79029.03, on the opening move, it made a day low 79020.08; thereafter, it moved up made a high 79516.17 and closed on a negative note at 79218.05 with an intra loss 964.15 points, i.e., -1.22%, today Sensex must move and sustain above 79300-79410 levels; if to do so, then it may try to re-test 79515-79650-79770-80000-80240-80425-80615 levels. On the other hand, any weakness near 79300-79410 further, it moves below 78920-78710 then, the Index may re-visit 78505-78450-78395-78265-78105 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.4224.92 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.3943.24 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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