14.01.2025-Tuesday, 08.50 am 

Good Morning all...

What has happened yesterday? Nifty Index, opened on a negative note at 23195.40 our expected opening band 23400-23345, on the opening move it made a day high 23340.95, further it moved down; made a day low 23047.25 and closed on a negative note at 23085.95 with intra loss 345.55 points, i.e., -1.47%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 23120-23140-23185 levels; if open, trade and sustain above 23185 then, the index may re-test 23230-23255-23280-23325-23340-23375-23410 levels. On the other hand, the immediate support lies at 23080-23025 if, the Index moves below 23025 then, it may try to re-visit 22980-22965-22935-22895-22860-22825 levels.

Special Mention: Yesterday, Nifty Index continued the sell-off, made a low 23047.25 and closed below our threshold support levels i.e., 23120. Today, the Nifty index must trade, sustain and closes above 23190-23260-23340, it may continue the pull back rally to re-test 23500-23880-24225 levels. On the other hand, the immediate support seen at 23025-22825, further weakness below 22825 then, the Index may try to re-visit 22775-22640-22460 levels in the near term. Let see how the Index opens today near 23120-23140-23185 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 48264.25; on the opening move, it made a  high 48606.35 thereafter, it moved down, made a low 47898.35 and closed on a negative note at 48041.25 with an intra loss 692.90 points, i.e., -1.42%, today Nifty Bank Index must move and sustain above 48120-48250 levels; if to do so, then it may try to re-test 48350-48500-48600-48685-48800-48870-49020-49170 levels. On the other hand, any weakness near 48120-48250 further, it moves below 47900-47685 then, the Index may re-visit 47575-47470-47310-47150-46825 levels. 

Sensex Index: Yesterday, Sensex opened on a negative note at 76629.90, on the opening move, it made a day high 77128.35; thereafter, it moved down and made a low 76249.72 and closed on a negative at 76330.01 ith an intra loss 1048.90 points, i.e., -1.36%, today Sensex must move and sustain above 76455-76520 levels; if to do so, then it may try to re-test 76770-76930-77090-77130-77220-77350 levels. On the other hand, any weakness near 76455-76520 further, it moves below 76250-76010 then, the Index may re-visit 75785-75560-75205-74850 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.4892.84 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.8066.07 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 Nov'24 released on 10th Jan'25-Friday, the Industrial production has gone up to 5.20%; when compared to the Oct'24 level, i.e., 3.50%. 

Annual Inflation data for Dec'24 released on 13th Jan'25-Monday, the inflation has come down to 5.22% from Nov'24 level i.e., 5.48%.

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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