05.02.2025-Wednesday, 08.50 am

Good Morning all... 

What has happened yesterday? Nifty Index, opened on a positive note at 23509.90, our expected opening band 23385-23425-23450, on the opening move it made a day low 23423.15, further it moved up; made a day high  23762.75 and closed on a positive note at 23739.25 with intra gain 378.20 points, i.e., 1.62%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 23700-23740-23795 levels; if open, trade and sustain above 23795 then, the index may re-test 23825-23865-23895-23925-23955-23990-24020 levels. On the other hand, the immediate support lies at 23675-23630 if, the Index moves below 23630 then, it may try to re-visit 23605-23580-23555-23525-23490-23460-23425-23390 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally above our threshold resistance levels i.e.,  23610, made a high 23762.75 and closed above 23610. Today, the Nifty index must trade, sustain and closes above 23750-23865, it may continue the pull back rally to re-test 24020-24120-24530 levels. On the other hand, the immediate support seen at 23625-23425, further weakness below 23425 then, the Index may try to re-visit 23380-23225-23005 levels in the near term. Let see how the Index opens today near 23700-23740-23795 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 49538.80 on the opening move, it made a low 49482.50 thereafter, it moved up, made a high 50206.60 and closed on a positive note at 50157.95 with an intra gain 947.40 points, i.e., 1.93%, today Nifty Bank Index must move and sustain above 50205-50400 levels; if to do so, then it may try to re-test 50585-50770-50930-51095 levels. On the other hand, any weakness near 50205-50400 further, it moves below 49995-49890 then, the Index may re-visit 49700-49515-49480-49305-49025-48865 levels. 

Sensex Index: Yesterfay, Sensex opened on a positive note at 77687.60 on the opening move, it made a day low 77402.37; thereafter, it moved up and made a high 78658.59 and closed on a positive note at 78583.81 with an intra gain 1397.07 points, i.e., 1.81%, today Sensex must move and sustain above 78660-78855 levels; if to do so, then it may try to re-test 78945-79045-79285-79525 levels. On the other hand, any weakness near 78660-78855 further, it moves below 78515-78440 then, the Index may re-visit 78345-78250-78100-77930-77880-77700-77595-77480 levels.

FII's & DII's Funds Flow: Yesterday, FIIs after a long time, turned as a net buyer, they bought on the net basis to the tune of Rs.809.23 Cr. On the other hand, DIIs also turned as a net seller, they sold on the net basis to the tune of Rs.430.70 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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