16.01.2025-Thursday, 08.50 am 

Good Morning all...

What has happened yesterday? Nifty Index, opened on a positive note at 23250.45, our expected opening band 23185-23225, on the opening move it made a day high 23293.65, further it moved down; made a day low 23146.45 and closed on a positive note at 23213.20 with intra gain 37.15 points, i.e., 0.16%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 23265-23295-23325 levels; if open, trade and sustain above 23325 then, the index may re-test 23365-23410-23460-23495-23540-23570 levels. On the other hand, the immediate support lies at 23200-23145 if, the Index moves below 23145 then, it may try to re-visit 23105-23075-23045-23025-22980 levels.

Special Mention: Yesterday, Nifty Index continued the pull back, made a high 23296.65 and closed above our threshold support levels i.e., 23190. Today, the Nifty index must trade, sustain and closes above 23295-23340, it may continue the pull back rally to re-test 23500-23880-24225 levels. On the other hand, the immediate support seen at 23135-23025, further weakness below 23025 then, the Index may try to re-visit 22825-22775-22640 levels in the near term. Let see how the Index opens today near 23265-23295-23325 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 48832.75; on the opening move, it made a  high 49083.65 thereafter, it moved down, made a low 48522.40 and closed on a positive note at 48751.70 with an intra gain 22.55 points, i.e., 0.05%, today Nifty Bank Index must move and sustain above 48820-48920-49080 levels; if to do so, then it may try to re-test 49170-49235-49320-49455-49580-49700-49820-49940 levels. On the other hand, any weakness near 48820-48920-49080 further, it moves below 48735-48655 then, the Index may re-visit 48520-48420-48370-48235-48130-48025-47900 levels. 

Sensex Index: Yesterday, Sensex opened on a positive note at 76900.14, on the opening move, it made a day high 76991.05; thereafter, it moved down and made a low 76479.70 and closed on a positive note at 76724.08 with an intra gain 224.45 points, i.e., 0.29%, today Sensex must move and sustain above 76840-76990-77130 levels; if to do so, then it may try to re-test 77280-77430-77570-77710-77935 levels. On the other hand, any weakness near 76840-76990-77130 further, it moves below 76675-76480 then, the Index may re-visit 76340-76250-76200-76040-75880 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.4533.49 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.3682.54 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 Dec'24 released on 14th Jan'25-Tuesday, it has gone up to 2.37% as against the Nov'24 level i.e.,1.89%.

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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