20.01.2025-Monday, 08.50 am 

Good Morning all...

What has happened on Friday? Nifty Index, opened on a negative note at 23277.10, our expected opening band 23295-23265-23240, on the opening move it made a day high 23292.10, further it moved down; made a day low 23100.35 and closed on a negative note at 23203.20 with intra loss 108.60 points, i.e., -0.47%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 23245-23290-23305 levels; if open, trade and sustain above 23305 then, the index may re-test 23325-23345-23365-23390-23410-23425-23460-23495 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 23125-23100-23045-23025-22980 levels.

Special Mention: On Friday, Nifty Index unable to continue the pull back beyond 23391.65, made a high 23292.10, the intra sell-off dragged till 23100.35 and closed well below our threshold support levels i.e., 23265. Today, the Nifty index must trade, sustain and closes above 23265-23290-23390, it may continue the pull back rally to re-test 23500-23880-24225 levels. On the other hand, the immediate support seen at 23100-23045-23025, 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 23245-23290-23305 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a negative note at 48959.50; on the opening move, it made a  high 49047.20 thereafter, it moved down, made a low 48309.50 and closed on a negative note at 48540.60 with an intra loss 738.10 points, i.e., -1.50%, today Nifty Bank Index must move and sustain above 48680-48765 levels; if to do so, then it may try to re-test 48830-48960-49045-48120-49245-49325-49570 levels. On the other hand, any weakness near 48680-48765 further, it moves below 48610-48480 then, the Index may re-visit 48375-48310-48265-48080-47900 levels. 

Sensex Index: On Friday, Sensex opened on a negative note at 77069.19, on the opening move, it made a day high 77069.19; thereafter, it moved down and made a low 76263.29 and closed on a negative note at 76619.33 with an intra loss 423.49 points, i.e., 0.42%, today Sensex must move and sustain above 76760-76830 levels; if to do so, then it may try to re-test 76900-76975-77070-77180-77285-77320 levels. On the other hand, any weakness near 76760-76830 further, it moves below 76660-6570-76500 then, the Index may re-visit 76450-76360-76265-76155-76045-75800-75560 levels.

FII's & DII's Funds Flow: On Friday, FIIs continued as a net seller, they sold on the net basis to the tune of Rs.3318.06 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2572.88 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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