17.01.2025-Friday, 08.50 am 

Good Morning all...

What has happened yesterday? Nifty Index, opened on a positive note at 23377.25, our expected opening band 23265-23295-23325, on the opening move it made a day high 23391.65, further it moved down; made a day low 23272.05 and closed on a positive note at 23311.80 with intra gain 98.60 points, i.e., 0.42%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 23295-23265-23240 levels; if open, trade and sustain above 23295 then, the index may re-test 23320-23345-23365-23390-23410-23425-23460-23495 levels. On the other hand, the immediate support lies at 23205-23145 if, the Index moves below 23145 then, it may try to re-visit 23125-23085-23045-23025-22980 levels.

Special Mention: Yesterday, Nifty Index continued the pull back, made a high 23391.65 and closed above our threshold support levels i.e., 23295. Today, the Nifty index must trade, sustain and closes above 23340-23390, it may continue the pull back rally to re-test 23500-23880-24225 levels. On the other hand, the immediate support seen at 23265-23135-23025, 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 23295-23265-23240 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 49082.90; on the opening move, it made a  low 49038.45 thereafter, it moved up, made a high 49459 and closed on a positive note at 49278.70 with an intra gain 527 points, i.e., 1.08%, today Nifty Bank Index must move and sustain above 49335-49460 levels; if to do so, then it may try to re-test 49570-49700-49940-50180 levels. On the other hand, any weakness near 49335-49460 further, it moves below 49200-49135 then, the Index may re-visit 49040-49000-48925-48865-48770-48680-48585-48495 levels. 

Sensex Index: Yesterday, Sensex opened on a positive note at 77319.50, on the opening move, it made a day high 77319.50; thereafter, it moved down and made a low 76895.51 and closed on a positive note at 77042.82 with an intra gain 318.74 points, i.e., 0.42%, today Sensex must move and sustain above 77095-77195 levels; if to do so, then it may try to re-test 77320-77435-77570-77710-77935 levels. On the other hand, any weakness near 77095-77195 further, it moves below 76920-76895-76800 then, the Index may re-visit 76740-76680-76580-76480-76335-76250 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.4341.95 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2928.72 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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