06.02.2025-Thursday, 08.50 am

Good Morning all... 

What has happened yesterday? Nifty Index, opened on a positive note at 23801.75, our expected opening band 23700-23740-23795, on the opening move it made a day high 23807.30, further it moved down; made a day low  23680.45 and closed on a negative note at 23696.30 with intra loss 42.95 points, i.e., -0.18%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 23680-23725-23775 levels; if open, trade and sustain above 23775 then, the index may re-test 23805-23840-23860-23890-23920-23955-23990-24025 levels. On the other hand, the immediate support lies at 23635-23585 if, the Index moves below 23585 then, it may try to re-visit 23550-23515-23480-23445-23400-23375-23345 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally till 23807.30, the intra last hour sell-off dragged till 23680.45 and closed just above 23690. Today, the Nifty index must trade, sustain and closes above 23750-23805-23865, it may continue the pull back rally to re-test 24020-24120-24530 levels. On the other hand, the immediate support seen at 23635-23515-23425, 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 23680-23725-23775 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 50402.30 on the opening move, it made a low 50215.45 thereafter, it moved up, made a high 50522.15 and closed on a positive note at 50343.055 with an intra gain 185.10 points, i.e., 0.37%, today Nifty Bank Index must move and sustain above 50430-50520 levels; if to do so, then it may try to re-test 50605-50770-50930-51095-51300 levels. On the other hand, any weakness near 50430-50520 further, it moves below 50280-50175 then, the Index may re-visit 50050-49905-49715-49525-49405-49285-49095-48870 levels. 

Sensex Index: Yesterday, Sensex opened on a positive note at 78704.60 on the opening move, it made a day high 78735.41; thereafter, it moved down and made a low 78216.25 and closed on a negative note at 78271.28 with an intra loss 312.53 points, i.e., -0.40%, today Sensex must move and sustain above 78340-78415 levels; if to do so, then it may try to re-test 78520-78625-78735-78875-79045 levels. On the other hand, any weakness near 78340-78415 further, it moves below 78215-78155 then, the Index may re-visit 77980-77860-77745-77630-77510 levels.

FII's & DII's Funds Flow: Yesterday, FIIs, turned as a net seller, they sold on the net basis to the tune of Rs.1682.83 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.996.28 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 Jan'25 released on 05th Feb'25-Wednesday, it moved down to 56.50 from 59.30 i.e., Dec'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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