23.01.2025-Thursday, 08.50 am 

Good Morning all...

What has happened yesterday? Nifty Index, opened on a positive note at 23099.15, our expected opening band 23080-23025-22975 on the opening move it made a day low 22981.30, further it moved up; made a day high 23169.55 and closed on a positive note at 23155.35 with intra gain 130.70 points, i.e., 0.57%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 23170-23145-23115 levels; if open, trade and sustain above 23170 then, the index may re-test 23200-23220-23255-23295-23330-23375 levels. On the other hand, the immediate support lies at 23100-23075 if, the Index moves below 23075 then, it may try to re-visit 23055-23025-22975-22955-22910-22865-22825 levels.

Special Mention: Yesterday, Nifty Index unable to continue the sell-off, made an inside day pattern i.e., not broken the previous day high or low levels and closed well below our threshold support levels i.e., 23150. 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 22975-22910, further weakness below 22910 then, the Index may try to re-visit 22825-22775-22640 levels in the near term. Let see how the Index opens today near 23170-23145-23115 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 48689.55 on the opening move, it made a  low 48074.05 thereafter, it moved up, made a high 48781.75 and closed on a positive note at 48724.40 with an intra gain 153.50 points, i.e., 0.32%, today Nifty Bank Index must move and sustain above 48780-48875 levels; if to do so, then it may try to re-test 48975-49050-48120-49245-49325-49570-49650 levels. On the other hand, any weakness near 48780-48875 further, it moves below 48630-48575 then, the Index may re-visit 48430-48345-48240-48155-48075-47900 levels. 

Sensex Index: Yesterday, Sensex opened on a positive note at 76114.42, on the opening move, it made a day low 75816.50; thereafter, it moved up and made a high 76463.13 and closed on a positive note at 76404.99 with an intra gain 566.63 points, i.e., 0.75%, today Sensex must move and sustain above 76465-76640 levels; if to do so, then it may try to re-test 76840-76975-77060-77140-77240-77335 levels. On the other hand, any weakness near 76465-76640 further, it moves below 76275-76170 then, the Index may re-visit 76060-75970-75890-75815-75720-75640 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.4026.25 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.3640.22 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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