01st Jan'25, 08.50 am 

Wishing you and your family a Happy New Year 2025

What has happened yesterday? Nifty Index, opened on a negative note at 23560.60, our expected opening band 23600-23575-23535, on the opening move it made a day low 23460.45, further it moved up; made a day high 23689.85 and closed on a flat to negative note at 23644.80 with intra loss 0.10 points, i.e., 0.00%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 23620-23575 levels; if open, trade and sustain above 23620 then, the index may re-test 23645-23665-23695-23725-23755-23795-23835-23870-23905-23940 levels. On the other hand, the immediate support lies at 23545-23510 if, the Index moves below 23510 then, it may try to re-visit 23485-23450-23405-23355-23310-23285-23265 levels.

Special Mention: Yesterday, Nifty Index continued the sell-off till 23460.45, the inta pull back rally lifted the index till 23689.85 and closed above our threshold support levels i.e., 23575. 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 23450-23360, further weakness below 23360 then, the Index may try to re-visit 23265-23190 levels in the near term. Let see how the Index opens today near 23620-23575 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 50648.20; on the opening move, it made a low 50599.80 thereafter, it moved up, made a high 50945.55 and closed on a negative note at 50860.20 with an intra loss 92.55 points, i.e., -0.18%, today Nifty Bank Index must move and sustain above 50945-51040 levels; if to do so, then it may try to re-test 51125-51210-51290-51370-51450-51575-51685-51820 levels. On the other hand, any weakness near 50945-51040 further, it moves below 50810-50730 then, the Index may re-visit 50680-50600-50470-50340-50200-50065 levels. 

Sensex Index: Yesterday, Sensex opened on a negative note at 77982.57, on the opening move, it made a day low 77560.79; thereafter, it moved up and made a high 78305.34 and closed on a negative at 78139.01 with an intra loss 109.12 points, i.e., -0.14%, today Sensex must move and sustain above 78305-78505 levels; if to do so, then it may try to re-test 78640-78765-78840-78920-79090-79300-79510 levels. On the other hand, any weakness near 78305-78505 further, it moves below 78080-77935 then, the Index may re-visit 77845-77735-77650-77560-77450-77360 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.4645.22 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.4546.73 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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