04.02.2025-Tuesday, 08.50 am

Good Morning all... 

What has happened yesterday? Nifty Index, opened on a negative note at 23319.35, our expected opening band 23425-23385-23320, on the opening move it made a day low 23222, further it moved down; made a day high  23381.60 and closed on a negative note at 23361.05 with intra loss 121.10 points, i.e., -0.52%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 23385-23425-23450 levels; if open, trade and sustain above 23450 then, the index may re-test 23495-23535-23565-23630-23675-23715 levels. On the other hand, the immediate support lies at 23305-23280 if, the Index moves below 23280 then, it may try to re-visit 23260-23220-23180-23145-23110-23050-23005-22975 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally till our threshold resistance levels i.e.,  23610, the intra sell-off dragged till 23222 and closed below our threshold support levels i.e., 23385. Today, the Nifty index must trade, sustain and closes above 23450-23630, it may continue the pull back rally to re-test 23750-23865 levels. On the other hand, the immediate support seen at 23280-23210, further weakness below 23210 then, the Index may try to re-visit 23110-22975-22785 levels in the near term. Let see how the Index opens today near 23385-23425-23450 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 49294.70 on the opening move, it made a low 49200 thereafter, it moved up, made a high 49566 and closed on a negative note at 49210.55 with an intra loss 296.40 points, i.e., -0.60%, today Nifty Bank Index must move and sustain above 49240-49375 levels; if to do so, then it may try to re-test 49420-49545-49655-49760-49885-50010 levels. On the other hand, any weakness near 49240-49375 further, it moves below 49190-49055 then, the Index may re-visit 48925-48780-48670-48630-48515-48355 levels. 

Sensex Index: Yesterfay, Sensex opened on a negative note at 77063.94 on the opening move, it made a day low 76756.09; thereafter, it moved up and made a high 77260.37 and closed on a negative note at 77186.74 with an intra loss 319.22 points, i.e., -0.41%, today Sensex must move and sustain above 77260-77335-77395 levels; if to do so, then it may try to re-test 77465-77600-76750-77900-77955-78080-78230 levels. On the other hand, any weakness near 77260-77335-77395 further, it moves below 77060-76950 then, the Index may re-visit 76895-76760-76585-76430-76270 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.3958.37 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2708.23 Cr. 

INDIA's Macro Data:-

On 03rd Feb'25-Monday, the HSBC Manufacturing PMI data for the month of Jan'25 released, it moved up to 57.70 from 56.40 i.e., Dec'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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