End of 2024,31st Dec-Tuesday, 08.50 am ...

Good Morning all .....

What has happened yesterday? Nifty Index, opened on a negative note at 23796.90, our expected opening band 23835-23800-23775, on the opening move it made a day high 23915.35, further it moved down; made a day low 23599.30 and closed on a negative note at 23644.90 with intra loss 168.50 points, i.e., -0.71%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 23600-23575-23535 levels; if open, trade and sustain above 23600 then, the index may re-test 23630-23660-23690-23710-23735-23770-23795-23840-23870 levels. On the other hand, the immediate support lies at 23510-23450 if, the Index moves below 23450 then, it may try to re-visit 23430-23405-23355-23310-23285-23265 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally beyond our threshold resistance levels i.e., 23938, the intra sell-off dragged the Index till 23599.90 and closed below our threshold support levels i.e., 23650. Today, the Nifty index must trade, sustain and closes above 23770-23870-23940 then, it may continue the pull back rally to re-test 24065-24165-24395 levels. On the other hand, the immediate support seen at 23540-23510, further weakness below 23510 then, the Index may try to re-visit 23350-23265-23190 levels in the near term. Let see how the Index opens today near 23600-23575-23535 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 51255.35; on the opening move, it made a high 51979.75 thereafter, it moved down, made a low 50718.35 and closed on a negative note at 50952.75 with an intra loss 358.55 points, i.e., -0.70%, today Nifty Bank Index must move and sustain above 51090-51200 levels; if to do so, then it may try to re-test 51350-51495-51610-51710-51835-51980-52055 levels. On the other hand, any weakness near 51090-51200 further, it moves below 50865-50720 then, the Index may re-visit 50610-50495-50375-50220-50065 levels. 

Sensex Index: Yesterday, Sensex opened on a negative note at 78637.58, on the opening move, it made a day high 79092.70; thereafter, it moved down and made a low 78077.13 and closed on a negative at 78248.13 with an intra loss 450.94 points, i.e., -0.58%, today Sensex must move and sustain above 78315-78410 levels; if to do so, then it may try to re-test 78465-78585-78705-78795-78875-78975-79090-79215 levels. On the other hand, any weakness near 78315-78410 further, it moves below 78195-78075 then, the Index may re-visit 77975-77875-77800-77690 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.1893.16 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2173.86 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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