07.02.2025-Friday, 08.50 am

Good Morning all... 

What has happened yesterday? Nifty Index, opened on a positive note at 23761.95, our expected opening band 23680-23725-23775, on the opening move it made a day high 23773.55, further it moved down; made a day low  23556.25 and closed on a negative note at 23603.35 with intra loss 92.95 points, i.e., -0.39%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 23585-23635-23650 levels; if open, trade and sustain above 23650 then, the index may re-test 23685-23710-23735-23775-23805-23840-23875-23890-23920-23965-23995-24030 levels. On the other hand, the immediate support lies at 23605-23585-23555 if, the Index moves below 23555 then, it may try to re-visit 23515-23480-23445-23400-23375-23345-23295 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally above 23807.30, the intra last hour sell-off dragged till 23556.25 and closed below our threshold levels i.e., 23635. Today, the Nifty index must trade, sustain and closes above 23775-23805-23865, it may continue the pull back rally to re-test 24035-24120-24530 levels. On the other hand, the immediate support seen at 23510-23415, further weakness below 23415 then, the Index may try to re-visit 23300-23225-23005 levels in the near term. Let see how the Index opens today near 23585-23635-23650 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 50468.35 on the opening move, it made a high 50553.35 thereafter, it moved down, made a low 50149.80 and closed on a positive note at 50382.10 with an intra gain 39.05 points, i.e., 0.08%, today Nifty Bank Index must move and sustain above 50450-50555 levels; if to do so, then it may try to re-test 50605-50660-50770-50930-51095-51300 levels. On the other hand, any weakness near 50450-50555 further, it moves below 50300-50255 then, the Index may re-visit 50150-50070-49925-49730-49535-49405-49295-49100-48870 levels. 

Sensex Index: Yesterday, Sensex opened on a positive note at 78513.36 on the opening move, it made a day high 78551.66; thereafter, it moved down and made a low 77843.99 and closed on a negative note at 78058.16 with an intra loss 213.12 points, i.e., -0.27%, today Sensex must move and sustain above 78150-78230 levels; if to do so, then it may try to re-test 78310-78400-78510-78550-78625-78745-78875-79045 levels. On the other hand, any weakness near 78150-78230 further, it moves below 78010-77980-77845 then, the Index may re-visit 77745-77650-77510-77370-77225 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.3549.95 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2721.66 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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