27.12.24-Friday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, opened on a positive note at 23775.80, our expected opening band 23730-23755-23775, on the opening move it made a day high 23854.50, further it moved down; made a day low 23653.60 and closed on a positive note at 23750.20 with intra gain 22.55 points, i.e., 0.09%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 23700-23755-23775 levels; if open, trade and sustain above 23775 then, the index may re-test 23795-23825-23855-23870-23910-23930-23950-24005-24065 levels. On the other hand, the immediate support lies at 23655-23615 if, the Index moves below 23615 then, it may try to re-visit 23575-23540-23505-23475-23445-23400 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally beyond our threshold resistance levels i.e., 23870 (though it tried for last three (3) trading sessions to surpass 23870), further the intra sell-off dragged the index till 23653.60 and closed below 23770. 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 23700-23755-23775 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 51314.95; on the opening move, it made a high 51740 thereafter, it moved down, made a low 50951.80 and closed on a negative note at 51170.70 with an intra loss 62.30 points, i.e., -0.12%, today Nifty Bank Index must move and sustain above 51265-51345 levels; if to do so, then it may try to re-test 51440-51510-51650-51740-51790-51860-52055-52250 levels. On the other hand, any weakness near 51265-51345 further, it moves below 51060-50950 then, the Index may re-visit 50885-50750-50610-50475-50340 levels. 

Sensex Index: Yesterday, Sensex opened on a positive note at 78557.28, on the opening move, it made a day high 78898.37; thereafter, it moved down and made a low 78173.38 and closed on a flat to negative note at 78472.48 with an intra loss 0.39 points, i.e., 0.00%, today Sensex must move and sustain above 78550-78685 levels; if to do so, then it may try to re-test 78745-78900-79095-79220-79305-79390-79490-79585 levels. On the other hand, any weakness near 78550-78685 further, it moves below 78345-78260 then, the Index may re-visit 78175-78075-77975-77875-77710-77455 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.2376.67 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.3336.16 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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