23.12.24-Monday, 08.50 am 

Good Morning all .....

What has happened on Friday? Nifty Index, opened at 23960.70, our expected opening band 23975-23930-23900, on the opening move it made a day high 24065.80, further it moved down; made a day low 23537.35 and closed on a negative note at 23587.50 with intra loss 364.20 points, i.e., -1.54%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 23590-23630-23665 levels; if open, trade and sustain above 23665 then, the index may re-test 23700-23740-23770-23800-23835-23860-23910-23925-23950 levels. On the other hand, the immediate support lies at 23570-23535 if, the Index moves below 23535 then, it may try to re-visit 23495-23450-23420-23390-23355-23310-23265 levels.

Special Mention: On Friday, Nifty Index continued the sell-off beyond our threshold support levels i.e., 23870, made a low till 23537.35 and closed below 23625. Today, the Nifty index must trade, sustain and closes above 23870-24065-24165 then, it may continue the pull back rally to re-test 24395-24535 levels. On the other hand, the immediate support seen at 23510-23265, further weakness below 23265 then, the Index may try to re-visit 23190-22850 levels in the near term. Let see how the Index opens today near 23590-23630-23665 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a negative note at 51401.35; on the opening move, it made a high 51629 thereafter, it moved down, made a low 50609.35 and closed on a negative note at 50759.20 with an intra loss 816.50 points, i.e., -1.61%, today Nifty Bank Index must move and sustain above 50850-50915-51000 levels; if to do so, then it may try to re-test 51060-51120-51200-51330-51440-51630-51790 levels. On the other hand, any weakness near 50850-50915-51000 further, it moves below 50610-50470 then, the Index may re-visit 50335-50270-50180-50080-49980 levels. 

Sensex Index: On Friday, Sensex opened on a negative note at 79335.48, on the opening move, it made a day high 79587.15; thereafter, it moved down and made a low 77874.59 and closed on a negative note at 78014.59 with an intra loss 1203.46 points, i.e., -1.54%, today Sensex must move and sustain above 78210-78400 levels; if to do so, then it may try to re-test 78530-78730-78930-79035-79220-79390-79585-77955-80050 levels. On the other hand, any weakness near 78210-78400 further, it moves below 78080-77875 then, the Index may re-visit 77675-77455-77250-77130-76970-76800 levels.

FII's & DII's Funds Flow: On Friday, FIIs continued as a net seller, they sold on the net basis to the tune of Rs.3597.82 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.1374.37 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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