03.01.2025-Friday, 08.50 am 

Good Morning all...

What has happened yesterday? Nifty Index, opened on a positive note at 23783, our expected opening band 23745-23720-23690, on the opening move it made a day low 23751.55, further it moved up; made a day high 24226.70 and closed on a positive note at 24188.65 with intra gain 445.75 points, i.e., 1.88%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 24225-24160 levels; if open, trade and sustain above 24225 then, the index may re-test 24265-24295-24320-24355-24385 levels. On the other hand, the immediate support lies at 24125-24065 if, the Index moves below 24065 then, it may try to re-visit 24030-24000-23970-23940-23915-23890-23870-23845-23800-23750 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally beyond the immediate resistance levels i.e., 24065-24160, made a high 24226.70 and closed above our threshold resistance levels i.e., 24160. Today, the Nifty index must trade, sustain and closes above 24160 for an another two trading sessions then, it may continue the pull back rally to re-test 24295-24415-24770 levels. On the other hand, the immediate support seen at 23940-23750, further weakness below 23750 then, the Index may try to re-visit 23690-23535-23265 levels in the near term. Let see how the Index opens today near 24225-24160 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 51084.95; on the opening move, it made a low 50992.80 thereafter, it moved up, made a high 51672.75 and closed on a positive note at 51605.55 with an intra gain 544.95 points, i.e., 1.07%, today Nifty Bank Index must move and sustain above 51670-51735 levels; if to do so, then it may try to re-test 51810-51860-51980-52140-52185-52290-52385-52590 levels. On the other hand, any weakness near 51670-51735 further, it moves below 51535-51470 then, the Index may re-visit 51330-51250-51145-51055-50995-50835 levels. 

Sensex Index: Yesterday, Sensex opened on a positive note at 78657.52, on the opening move, it made a day low 78542.37; thereafter, it moved up and made a high 80032.87 and closed on a positive at 79943.17 with an intra gain 1436.30 points, i.e., 1.83%, today Sensex must move and sustain above 80030-80220 levels; if to do so, then it may try to re-test 80330-80440-80500-80605-80710-80820-80925 levels. On the other hand, any weakness near 80030-80220 further, it moves below 78860-78720 then, the Index may re-visit 78540-78380-78135-77740-77560 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a net buyer, they bought on the net basis to the tune of Rs.1506.75 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.22.14 Cr. 

INDIA's Macro Data:-

On 02nd Jan'25-Thursday, the HSBC Manufacturing PMI data for the month of Dec'24 released, it marginally moved down to 56.40 from 56.50 i.e., Nov'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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