24.12.24-Tuesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, opened at 23738.20, our expected opening band 23590-23630-23665, on the opening move it made a day high 23869.55, further it moved down; made a day low 23647.20 and closed on a positive note at 23753.45 with intra gain 165.95 points, i.e., 0.70%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 23770-23730-23700 levels; if open, trade and sustain above 23770 then, the index may re-test 23805-23835-23870-23910-23930-23950-24005-24065 levels. On the other hand, the immediate support lies at 23665-23645-23615 if, the Index moves below 23615 then, it may try to re-visit 23575-23540-23510-24475-23445-23400 levels.

Special Mention: Yesterday, Nifty Index unable to continue the sell-off beyond our threshold support levels i.e., 23510, further the pull back rally lifted the index till our threshold resistance levels i.e., 23870, made a high till 23869.55, thereafter, the intra sell-off dragged the index till 23647.20 and closed just above 23740. Today, the Nifty index must trade, sustain and closes above 23870-24065 then, it may continue the pull back rally to re-test 24165-24395-24535 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 23770-23730-23700 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 51044.40; on the opening move, it made a high 51417.35 thereafter, it moved down, made a low 51030.40 and closed on a positive note at 51317.60 with an intra gain 558.40 points, i.e., 1.09%, today Nifty Bank Index must move and sustain above 51355-51420-51520 levels; if to do so, then it may try to re-test 51655-51790-51860-52055-52250 levels. On the other hand, any weakness near 51355-51420-51520 further, it moves below 51225-51120 then, the Index may re-visit 51030-50975-50925-50890-50750-50610-50475-50340 levels. 

Sensex Index: Yesterday, Sensex opened on a positive note at 78488.64, on the opening move, it made a day high 78918.12; thereafter, it moved down and made a low 78189.19 and closed on a positive note at 78540.17 with an intra gain 525.58 points, i.e., 0.67%, today Sensex must move and sustain above 78590-78705 levels; if to do so, then it may try to re-test 78835-78920-79115-79215-79350-79585 levels. On the other hand, any weakness near 78590-78705 further, it moves below 78465-78360 then, the Index may re-visit 78190-78075-77990-77875-77710-77455 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.168.71 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2227.68 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.

Research Analyst Disclaimer: Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.