06.01.2025-Monday, 08.50 am 

Good Morning all...

What has happened yesterday? Nifty Index, opened on a positive note at 24196.40 our expected opening band 24225-24160, on the opening move it made a day high 24196.45, further it moved down; made a day low 23976 and closed on a negative note at 24004.75 with intra loss 183.90 points, i.e., -0.76%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 23975-24005-24035 levels; if open, trade and sustain above 24035 then, the index may re-test 24065-24095-24125-24155-24195-24225-24260-24295 levels. On the other hand, the immediate support lies at 23940-23890 if, the Index moves below 23890 then, it may try to re-visit 23845-23800-23750-23695-23640 levels.

Special Mention: On Friday, Nifty Index unable to continue the pull back rally  beyond 24226.70, made an inside day pattern i.e., not broken the previous day high or low point and closed just above our threshold support levels i.e., 23995. Today, the Nifty index must trade, sustain and closes above 24160, it may continue the pull back rally to re-test 24225-24295-24415 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 23975-24005-24035 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a negative note at 51567.15; on the opening move, it made a high 51671.80 thereafter, it moved down, made a low 50904.35 and closed on a negative note at 50988.80 with an intra loss 616.75 points, i.e., -1.20%, today Nifty Bank Index must move and sustain above 51090-51200 levels; if to do so, then it may try to re-test 51290-51375-51445-51540-51670-51735-51880-51980-52055 levels. On the other hand, any weakness near 51090-51200 further, it moves below 51905-50835 then, the Index may re-visit 50700-50660-50485-50340 levels. 

Sensex Index: On Friday, Sensex opened on a positive note at 80072.99, on the opening move, it made a day high 80072.99; thereafter, it moved down and made a low 79109.73 and closed on a negative at 79223.11 with an intra loss 720.90 points, i.e., -0.90%, today Sensex must move and sustain above 79380-79520 levels; if to do so, then it may try to re-test 79670-79815-79940-80070-80335-80500-80710-80920 levels. On the other hand, any weakness near 79380-79520 further, it moves below 79110-78850 then, the Index may re-visit 78670-78520-78340-78155-78110-77855 levels.

FII's & DII's Funds Flow: On Friday, FIIs turned as a net seller, they sold on the net basis to the tune of Rs.4227.25 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.820.60 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.

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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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