28.01.2025-Tuesday, 08.50 am 

Good Morning all... 

What has happened yesterday? Nifty Index, opened on a negative note at 22940.15, our expected opening band 23120-23090-23050 on the opening move it made a day high 23007.45, further it moved down; made a day low 22786.90 and closed on a negative note at 22829.15 with intra loss 263.05 points, i.e., -1.14%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 22855-22870-22910 levels; if open, trade and sustain above 22910 then, the index may re-test 22945-22975-23005-23035-23070-23100-23135 levels. On the other hand, the immediate support lies at 22825-22785 if, the Index moves below 22785 then, it may try to re-visit 22755-22725-22685-22640-22600-22560 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally beyond 23347.30, the intra sell-off dragged the Index below our threshold support i.e.,22825, made a low 22786.90 and closed just near 22825. Today, the Nifty index must trade, sustain and closes above 22975-23100, it may continue the pull back rally to re-test 23240-23350-23425 levels. On the other hand, the immediate support see22n at 22725-22640-22560, further weakness below 22560 then, the Index may try to re-visit 22460-22120 levels in the near term. Let see how the Index opens today near 22855-22870-22910 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 47881.65 on the opening move, it made a high 48319.20 thereafter, it moved down, made a low 47844.15 and closed on a negative note at 48064.65 with an intra loss 303.15 points, i.e., -0.63%, today Nifty Bank Index must move and sustain above 48130-48215 levels; if to do so, then it may try to re-test 48320-48450-48535-48750-48960 levels. On the other hand, any weakness near 48130-48215 further, it moves below 48025-47955 then, the Index may re-visit 47845-47715-47635-48500-48310 levels. 

Sensex Index: Yesterday, Sensex opened on a negative note at 75700.43, on the opening move, it made a day high 75925.72; thereafter, it moved below and made a low 75267.59 and closed on a negative note at 75366.17 with an intra loss 824.29 points, i.e., -1.08%, today Sensex must move and sustain above 75425-75520 levels; if to do so, then it may try to re-test 75670-75730-75800-75925-76100-76230 levels. On the other hand, any weakness near 75425-75520 further, it moves below 75270-75090 then, the Index may re-visit 74970-74850-74740-74630-74410 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.5015.46 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.6642.14 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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