09.01.2025-Thursday, 08.50 am 

Good Morning all...

What has happened yesterday? Nifty Index, opened on a positive note at 23746.65 our expected opening band 23735-23695-23655, on the opening move it made a day high 23751.85, further it moved down; made a day low 23496.15 and closed on a negative note at 23688.95 with intra loss 18.95 points, i.e., -0.08%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 23690-23645 levels; if open, trade and sustain above 23690 then, the index may re-test 23735-23750-23775-23820-23860-23900-23945-23970 levels. On the other hand, the immediate support lies at 23595-23555 if, the Index moves below 23555 then, it may try to re-visit 23520-23490-23460-23430-23395-23355 levels.

Special Mention: Yesterday, Nifty Index continued the sell-off till 23496.15 and closed below our threshold support levels i.e., 23755. Today, the Nifty index must trade, sustain and closes above 23750-23810, it may continue the pull back rally to re-test 23940-24225 levels. On the other hand, the immediate support seen at 23460-23265, further weakness below 23265 then, the Index may try to re-visit 23000-21280 levels in the near term. Let see how the Index opens today near 23690-23645 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 50201.75; on the opening move, it made a  high 50246.90 thereafter, it moved down, made a low 49389.75 and closed on a negative note at 49835.05 with an intra loss 367.10 points, i.e., -0.73%, today Nifty Bank Index must move and sustain above 49980-50065 levels; if to do so, then it may try to re-test 50150-50245-50365-50480-50530-50685-50835-50990-51105-51220 levels. On the other hand, any weakness near 49980-50065 further, it moves below 49720-49590 then, the Index may re-visit 49490-49390-49280-49155-49020-48890-48670 levels. 

Sensex Index: Yesterday, Sensex opened on a positive note at 78319.45, on the opening move, it made a day high 78319.45; thereafter, it moved down and made a low 77486.79 and closed on a negative at 78148.49 ith an intra loss 50.62 points, i.e., -0.06%, today Sensex must move and sustain above 78080-78195 levels; if to do so, then it may try to re-test 78330-78450-78555-78655-78760-78865-79020-79155-79330-79530 levels. On the other hand, any weakness near 78080-78195 further, it moves below 78015-77900 then, the Index may re-visit 77805-77745-77680-77585-77485-77455-77260 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.3362.18 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2716.28 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 Dec'24 released on 06th Jan'25-Monday, it moved up to 59.20 from 58.40 i.e., Nov'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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