01.02.2025-Saturday, 08.50 am -Budget Special Tradin Session

Good Morning all... 

What has happened yesterday? Nifty Index, opened on a positive note at 23293.75, our expected opening band 23270-23230-23210, on the opening move it made a day low 23277.40, further it moved up; made a day high 23546.80 and closed on a positive note at 23508.40 with intra gain 258.90 points, i.e., 1.11%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 23515-23545 levels; if open, trade and sustain above 23270 then, the index may re-test 23595-23620-23675-23705-23740-23805-23845-23920-23975 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.,  23345, made a high 23546.80 and closed above our threshold support levels i.e., 23425. Today, the Nifty index must trade, sustain and closes above 23530-23610, it may continue the pull back rally to re-test 23750-23865 levels. On the other hand, the immediate support seen at 23425-23350, further weakness below 23350 then, the Index may try to re-visit 23165-23075-22975 levels in the near term. Let see how the Index opens today near 23515-23545 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 49259.65 on the opening move, it made a low 49031.80 thereafter, it moved up, made a high 49674.80 and closed on a positive note at 49587.20 with an intra gain 275.25 points, i.e., 0.56%, today Nifty Bank Index must move and sustain above 49675-49750 levels; if to do so, then it may try to re-test 49910-50030-50155-50275-50400-50585 levels. On the other hand, any weakness near 49675-49750 further, it moves below 49465-49300-49275 then, the Index may re-visit 49140-49055-48975-48865-48760-48640-48545-48410 levels. 

Sensex Index: Yesterday, Sensex opened on a positive note at 76888.89 on the opening move, it made a day low 76833.87; thereafter, it moved up and made a high 77605.96 and closed on a positive note at 77500.57 with an intra gain 740.76 points, i.e., 0.97%, today Sensex must move and sustain above 77600-77670-77800 levels; if to do so, then it may try to re-test 77950-78250-78450-78665 levels. On the other hand, any weakness near 77600-77670-77800 further, it moves below 77435-77235 then, the Index may re-visit 77105-76985-76920-76835-76710-76620-76435-76250-76090 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.1188.99 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2232.12 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.

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