24.01.2025-Friday, 08.50 am 

Good Morning all...

What has happened yesterday? Nifty Index, opened on a negative note at 23128.30, our expected opening band 23170-23145-23115 on the opening move it made a day low 23090.65, further it moved up; made a day high 23270.80 and closed on a positive note at 23205.35 with intra gain 50 points, i.e., 0.22%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 23220-23255-23270 levels; if open, trade and sustain above 23170 then, the index may re-test 23295-23320-23375-23400-23425-23460 levels. On the other hand, the immediate support lies at 23190-23170 if, the Index moves below 23170 then, it may try to re-visit 23145-23115-23090-23040-23000-22975 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally till 23270.80 and closed well below our threshold support levels i.e., 23200. Today, the Nifty index must trade, sustain and closes above 23295-23365, it may continue the pull back rally to re-test 23425-23500-23880 levels. On the other hand, the immediate support seen at 23090-22975-22910, 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         levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 48770.15 on the opening move, it made a  low 48493 thereafter, it moved up, made a high 48892.70 and closed on a negative note at 48589 with an intra loss 135.40 points, i.e., -0.28%, today Nifty Bank Index must move and sustain above 48680-48775 levels; if to do so, then it may try to re-test 48890-48975-49050-49135-49245-49325-49570-49650 levels. On the other hand, any weakness near 48680-48775 further, it moves below 48550-48495 then, the Index may re-visit 48385-48240-48155-48075-47900 levels. 

Sensex Index: Yesterday, Sensex opened on a positive note at 76414.52, on the opening move, it made a day low 76202.12; thereafter, it moved up and made a high 76743.54 and closed on a positive note at 76520.38 with an intra gain 115.39 points, i.e., 0.15%, today Sensex must move and sustain above 76585-76680 levels; if to do so, then it may try to re-test 76740-76840-76975-77060-77140-77240-77335 levels. On the other hand, any weakness near 76585-76680 further, it moves below 76475-76400 then, the Index may re-visit 76330-76200-76055-75970-75890-75815-75720-75640 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.5462.52 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.3712.55 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.

DISCLAIMER:

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.

Research Analyst Disclaimer: Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.