31.01.2025-Friday, 08.50 am 

Good Morning all... 

What has happened yesterday? Nifty Index, opened on a positive note at 23169.50, our expected opening band 23140-23165-23185 on the opening move it made a day low 23139.20, further it moved up; made a day high 23322.05 and closed on a positive note at 23249.50 with intra gain 86.40 points, i.e., 0.37%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 23270-23230-23210 levels; if open, trade and sustain above 23270 then, the index may re-test 23300-23325-23345-23385-23425-23470-23500 levels. On the other hand, the immediate support lies at 23185-23140 if, the Index moves below 23140 then, it may try to re-visit 23115-23075-23035-23005-22975 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally beyond our threshold resistance levels i.e.,  23183, made a high 23322.05 and closed above our threshold support levels i.e., 23200. Today, the Nifty index must trade, sustain and closes above 23350-23425, it may continue the pull back rally to re-test 23425-23575 levels. On the other hand, the immediate support seen at 23065-22975-22785, further weakness below 22785 then, the Index may try to re-visit 22640-22560-22460 levels in the near term. Let see how the Index opens today near 23270-23230-23210 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 49206.20 on the opening move, it made a low 49031.80 thereafter, it moved up, made a high 49426.20 and closed on a positive note at 49311.95 with an intra gain 146 points, i.e., 0.30%, today Nifty Bank Index must move and sustain above 49425-49535 levels; if to do so, then it may try to re-test 49650-49780-49910-50030-50155-50275-50400 levels. On the other hand, any weakness near 49425-49535 further, it moves below 49215-49125 then, the Index may re-visit 49030-48960-48855-48745-48640-48535-48400 levels. 

Sensex Index: Yesterday, Sensex opened on a positive note at 76598.84 on the opening move, it made a day low 76401.13; thereafter, it moved up and made a high 76962.88 and closed on a positive note at 76759.81 with an intra gain 226.85 points, i.e., 0.30%, today Sensex must move and sustain above 76800-76960-76985 levels; if to do so, then it may try to re-test 77115-77220-77340-77450-77560-77685-77795 levels. On the other hand, any weakness near 76800-76960-76985 further, it moves below 76680-76615 then, the Index may re-visit 76535-76465-76400-76330-76225-76125-75925-75800 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.4582.95 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2165.89 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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