03.02.2025-Monday, 08.50 am

Good Morning all... 

What has happened on Saturday? Nifty Index, opened on a positive note at 23528.60, our expected opening band 23515-23545, on the opening move it made a day high 23632.45, further it moved down; made a day low 23318.30 and closed on a negative note at 23482.15 with intra loss 26.25 points, i.e., -0.11%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 23425-23385-23320 levels; if open, trade and sustain above 23425 then, the index may re-test 23455-23495-23510-23540-23595-23630-23675-23715 levels. On the other hand, the immediate support lies at 23275-23230 if, the Index moves below 23230 then, it may try to re-visit 23210-23160-23110-23080-23050-23005-22975 levels.

Special Mention: On Saturday, Nifty Index continued the pull back rally till our threshold resistance levels i.e.,  23610, made a high 23632.45, the intra sell-off dragged till 23318.30 and closed above our threshold support levels i.e., 23425. Today, the Nifty index must trade, sustain and closes above 23550-23630, it may continue the pull back rally to re-test 23750-23865 levels. On the other hand, the immediate support seen at 23385-23275, further weakness below 23275 then, the Index may try to re-visit 23200-23110-22975 levels in the near term. Let see how the Index opens today near 23425-23385-23320 levels. 

Nifty Bank Index: On Saturday, Nifty Bank Index opened on a positive note at 49592.55 on the opening move, it made a high 50009.50 thereafter, it moved down, made a low 48925.45 and closed on a negative note at 49506.95 with an intra loss 80.25 points, i.e., -0.16%, today Nifty Bank Index must move and sustain above 49670-49775 levels; if to do so, then it may try to re-test 49885-50010-50155-50275-50305-50400-50585 levels. On the other hand, any weakness near 49670-49775 further, it moves below 49440-49340 then, the Index may re-visit 49180-49055-48925-48800-48670-48630-48515 levels. 

Sensex Index: On Saturday, Sensex opened on a positive note at 77637.01 on the opening move, it made a day high 77899.05; thereafter, it moved down and made a low 77006.47 and closed on a positive note at 77505.96 with an intra gain 5.39 points, i.e., 0.01%, today Sensex must move and sustain above 77560-77635-77715 levels; if to do so, then it may try to re-test 77900-78140-78235-78450-78665 levels. On the other hand, any weakness near 77560-77635-77715 further, it moves below 77440-77350 then, the Index may re-visit 77215-77110-77005-76895-76760-76585-76430-76270 levels.

FII's & DII's Funds Flow: On Saturday, FIIs continued as a net seller, they sold on the net basis to the tune of Rs.1327.09 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.824.38 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%. The next RBI MPC Meet is expected on 07th Feb'25-Friday.

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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