26.12.24-Thursday, 08.50 am 

Good Morning all .....

What has happened on Tuesday? Nifty Index, opened on a positive note at 23769.10, our expected opening band 23770-23730-23700, on the opening move it made a day high 23867.65, further it moved down; made a day low 23685.15 and closed on a negative note at 23727.65 with intra loss 25.80 points, i.e., -0.11%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 23730-23755-23775 levels; if open, trade and sustain above 23775 then, the index may re-test 23820-23845-23870-23910-23930-23950-24005-24065 levels. On the other hand, the immediate support lies at 23685-23665 if, the Index moves below 23665 then, it may try to re-visit 23635-23615-23585-23540-23505-23475-23445-23400 levels.

Special Mention: On Tuesday, Nifty Index unable to continue the pull back beyond our threshold resistance levels i.e., 23870, further the intra sell-off dragged the index till 23685 and closed above 23700. 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 23660-23510, further weakness below 23510 then, the Index may try to re-visit 23265-23190 levels in the near term. Let see how the Index opens today near 23770-23730-23700 levels. 

Nifty Bank Index: On Tuesday, Nifty Bank Index opened on a negative note at 51314.95; on the opening move, it made a high 51382.10 thereafter, it moved down, made a low 51137.50 and closed on a negative note at 51233 with an intra loss 84.60 points, i.e., -0.17%, today Nifty Bank Index must move and sustain above 51305-51380-51450 levels; if to do so, then it may try to re-test 51535-51655-51790-51860-52055-52250 levels. On the other hand, any weakness near 51305-51380-51450 further, it moves below 51170-51135-51060 then, the Index may re-visit 50975-50925-50890-50750-50610-50475-50340 levels. 

Sensex Index: On Tuesday, Sensex opened on a positive note at 78707.37, on the opening move, it made a day high 78877.36; thereafter, it moved down and made a low 78397.79 and closed on a negative note at 78472.87 with an intra loss 67.30 points, i.e., -0.09%, today Sensex must move and sustain above 78580-78695 levels; if to do so, then it may try to re-test 78735-78875-79005-79115-79215-79350-79585 levels. On the other hand, any weakness near 78580-78695 further, it moves below 78400-78280 then, the Index may re-visit 78190-78075-77990-77875-77710-77455 levels.

FII's & DII's Funds Flow: On Tuesday, FIIs continued as a net seller, they sold on the net basis to the tune of Rs.2454.21 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2819.25 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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