22.01.2025-Wednesday, 08.50 am 

Good Morning all...

What has happened yesterday? Nifty Index, opened on a positive note at 23421.65, our expected opening band 23390-23410, on the opening move it made a day high 23426.30, further it moved down; made a day low 22976.85 and closed on a negative note at 23204.65 with intra loss 320.10 points, i.e., -1.37%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 23080-23025-22975 levels; if open, trade and sustain above 23080 then, the index may re-test 23125-23150-23200-23255-23295-23330 levels. On the other hand, the immediate support lies at 22940-22910 if, the Index moves below 22910 then, it may try to re-visit 22875-22850-22825-22795-22765-22730 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally till 23426.30, the intra sell-off dragged beyond our support levels 23047.25, made a low 22976.85 and closed well below our threshold support levels i.e., 23047. Today, the Nifty index must trade, sustain and closes above 23150-23295, it may continue the pull back rally to re-test 23425-23500-23880 levels. On the other hand, the immediate support seen at 22910-22825, further weakness below 22825 then, the Index may try to re-visit 22775-22640 levels in the near term. Let see how the Index opens today near 23080-23025-22975 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 49532; on the opening move, it made a  high 49534.15 thereafter, it moved down, made a low 48430.95 and closed on a negative note at 48430.95 with an intra loss 779.90 points, i.e., -1.58%, today Nifty Bank Index must move and sustain above 48640-48770 levels; if to do so, then it may try to re-test 48855-48980-49050-48120-49245-49325-49570 levels. On the other hand, any weakness near 48640-48770 further, it moves below 48430-48310 then, the Index may re-visit 48220-48130-48080-47900-47660-47420 levels. 

Sensex Index: Yesterday, Sensex opened on a positive note at 77261.72, on the opening move, it made a day high 77337.36; thereafter, it moved down and made a low 75641.87 and closed on a negative note at 75838.36 with an intra loss 1235.08 points, i.e., -1.60%, today Sensex must move and sustain above 76020-76210 levels; if to do so, then it may try to re-test 76390-76490-76685-76840-76975 levels. On the other hand, any weakness near 76020-76210 further, it moves below 75840-75640 then, the Index may re-visit 75560-75400-75230-75050-74850 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.5920.28 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.3500.32 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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