29.01.2025-Wednesday, 08.50 am 

Good Morning all... 

What has happened yesterday? Nifty Index, opened on a positive note at 22960.45, our expected opening band 22855-22870-22910 on the opening move it made a day low 22857.65, further it moved up; made a day high 23137.95 and closed on a positive note at 22957.25 with intra gain 128.10 points, i.e., 0.56%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 22960-22995-23030 levels; if open, trade and sustain above 23030 then, the index may re-test 23070-23105-23135-23160-23185-23215 levels. On the other hand, the immediate support lies at 22945-22910 if, the Index moves below 22910 then, it may try to re-visit 22890-23860-23825-23780-22725-22685 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally beyond 23347.30, as well as not broken previous day low i.e., 22786.90 and closed below our threshold support levels i.e., 22975. Today, the Nifty index must trade, sustain and closes above 23100-23240, it may continue the pull back rally to re-test 23350-23425 levels. On the other hand, the immediate support seen at 22785-22725-22640, further weakness below 22640 then, the Index may try to re-visit 22560-22460-22120 levels in the near term. Let see how the Index opens today near 22960-22995-23030 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 48642.50 on the opening move, it made a low 48449.05 thereafter, it moved up, made a high 49247.15 and closed on a positive note at 48866.85 with an intra gain 802.20 points, i.e., 1.67%, today Nifty Bank Index must move and sustain above 48900-49010 levels; if to do so, then it may try to re-test 49155-49245-49355-49465-49540-49650 levels. On the other hand, any weakness near 48900-49010 further, it moves below 48755-48635 then, the Index may re-visit 48540-48450-48360-48270-48055-47950-47845 levels. 

Sensex Index: Yesterday, Sensex opened on a positive note at 75659, on the opening move, it made a day low 75622.88; thereafter, it moved up and made a high 76512.96 and closed on a positive note at 75901.41 with an intra gain 535.24 points, i.e., 0.71%, today Sensex must move and sustain above 75960-76070 levels; if to do so, then it may try to re-test 76170-76250-76320-76410-76510-76620-76790-76985 levels. On the other hand, any weakness near 75960-76070 further, it moves below 75830-75765 then, the Index may re-visit 75625-75560-75415-75380-75270 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.4920.69 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.6814.33 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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