30.12.24-Monday, 08.50 am 

Good Morning all .....

What has happened on Friday? Nifty Index, opened on a positive note at 23801.40, our expected opening band 23700-23755-23775, on the opening move it made a day low 23800.60, further it moved up; made a day high 23938.85 and closed on a positive note at 23813.20 with intra gain 63.20 points, i.e., 0.27%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 23835-23800-23775 levels; if open, trade and sustain above 23835 then, the index may re-test 23860-23875-23900-23940-23975-24005-24065 levels. On the other hand, the immediate support lies at 23760-23720 if, the Index moves below 23720 then, it may try to re-visit 23690-23655-23630-23585-23540 levels.

Special Mention: On Friday, Nifty Index continued the pull back rally at last beyond our threshold resistance levels i.e., 23870, but unable to sustain above 23870 and closed below 23870. Today, the Nifty index must trade, sustain and closes above 23870-23940-24065 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 23835-23800-23775 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a positive note at 51268.20; on the opening move, it made a high 51628.45 thereafter, it moved down, made a low 51240.10 and closed on a positive note at 51311.70 with an intra gain 140.60 points, i.e., 0.27%, today Nifty Bank Index must move and sustain above 51390-51515 levels; if to do so, then it may try to re-test 51630-51740-51860-52055-52250 levels. On the other hand, any weakness near 51390-51345 further, it moves below 51240-51135 then, the Index may re-visit 51040-50960-50875-50740-50610-50455-50300 levels. 

Sensex Index: On Friday, Sensex opened on a positive note at 78607.62, on the opening move, it made a day low 78598.95; thereafter, it moved up and made a high 79043.15 and closed on a positive at 78699.07 with an intra gain 226.59 points, i.e., 0.29%, today Sensex must move and sustain above 78770-78870 levels; if to do so, then it may try to re-test 78910-79040-79165-79215-79370-79530-79670-79800 levels. On the other hand, any weakness near 78770-78870 further, it moves below 78645-78600-78505 then, the Index may re-visit 78440-78380-78275-78175-78015-77875 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.1329.29 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2544.64 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.

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