10.01.2025-Friday, 08.50 am 

Good Morning all...

What has happened yesterday? Nifty Index, opened on a negative note at 23674.75 our expected opening band 23690-23645, on the opening move it made a day high 23689.50, further it moved down; made a day low 23503.05 and closed on a negative note at 23526.50 with intra loss 162.45 points, i.e., -0.69%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 23545-23495-23460 levels; if open, trade and sustain above 23545 then, the index may re-test 23560-23595-23635-23695-23725-23755-23775 levels. On the other hand, the immediate support lies at 23430-23400 if, the Index moves below 23400 then, it may try to re-visit 23355-23310-23290-23265 levels.

Special Mention: Yesterday, Nifty Index traded with consolidation mode, made an inside day pattern i.e., not borken the previous day high or low levels and closed below our threshold support levels i.e., 23550. 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 23545-23495-23460 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 49712.55; on the opening move, it made a  high 49798.10 thereafter, it moved down, made a low 49230.15 and closed on a negative note at 49503.50 with an intra loss 331.55 points, i.e., -0.67%, today Nifty Bank Index must move and sustain above 49555-49630 levels; if to do so, then it may try to re-test 49675-49800-49840-49950-50090-50185-50310-50445 levels. On the other hand, any weakness near 49555-49630 further, it moves below 49445-49395 then, the Index may re-visit 49300-49230-49075-48970-48860-48775-48670-48520 levels. 

Sensex Index: Yesterday, Sensex opened on a positive note at 78206.21, on the opening move, it made a day high 78206.21; thereafter, it moved down and made a low 77542.92 and closed on a negative at 77620.21 ith an intra loss 528.28 points, i.e., -0.68%, today Sensex must move and sustain above 77710-77855 levels; if to do so, then it may try to re-test 77875-77950-78080-78170-78245-78385-78455-78625 levels. On the other hand, any weakness near 77710-77855 further, it moves below 77540-77485-77360 then, the Index may re-visit 77260-77160-77050-76925-76800 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.7170.87 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.7639.63 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.

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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