02.01.2025-Thursday, 08.50 am 

Good Morning all...

What has happened yesterday? Nifty Index, opened on a negative note at 23637.65, our expected opening band 23620-23575, on the opening move it made a day low 23562.80, further it moved up; made a day high 23822.80 and closed on a positive note at 23742.90 with intra gain 98.10 points, i.e., 0.41%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 23745-23720-23690 levels; if open, trade and sustain above 23745 then, the index may re-test 23765-23795-23820-23880-23905-23940 levels. On the other hand, the immediate support lies at 23660-23640 if, the Index moves below 23640 then, it may try to re-visit 23610-23575-23555-23520-23490-23460 levels.

Special Mention: Yesterday, Nifty Index unable to continue the sell-off beyond 23460, the new year sentiment pulled back the index till 23822.80 and closed below our threshold resistance levels i.e., 23770. Today, the Nifty index must trade, sustain and closes above 23770-23880-23940 then, it may continue the pull back rally to re-test 23995-24065-24295 levels. On the other hand, the immediate support seen at 23560-23450-23360, 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 23745-23720-23690 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 50841.90; on the opening move, it made a low 50485.05 thereafter, it moved up, made a high 51321.95 and closed on a positive note at 51060.60 with an intra gain 200.40 points, i.e., 0.39%, today Nifty Bank Index must move and sustain above 51140-51225 levels; if to do so, then it may try to re-test 51320-51410-51545-51660-51735-51810 levels. On the other hand, any weakness near 51140-51225 further, it moves below 51000-50900 then, the Index may re-visit 50805-50680-50585-50485-50340-50260 levels. 

Sensex Index: Yesterday, Sensex opened on a positive note at 78265.07, on the opening move, it made a day low 77560.79; thereafter, it moved up and made a high 78756.49 and closed on a positive at 78507.41 with an intra gain 368.40 points, i.e., 0.47%, today Sensex must move and sustain above 78570-78660-78755 levels; if to do so, then it may try to re-test 78840-78920-78990-79090-79300-79510 levels. On the other hand, any weakness near 78570-78660-78755 further, it moves below 78440-78330 then, the Index may re-visit 78225-78100-78000-77900-77740-77560 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.1782.71 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.1690.37 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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