10.02.2025-Monday, 08.50 am

Good Morning all... 

What has happened on Friday? Nifty Index, opened on a positive note at 23649.50, our expected opening band 23680-23725-23775, on the opening move it made a day high 23694.50, further it moved down; made a day low  23443.20 and closed on a negative note at 23559.95 with intra loss 43.40 points, i.e., -0.18%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 23530-23570-23590 levels; if open, trade and sustain above 23590 then, the index may re-test 23620-23660-23695-23730-23765-23805-23840-23875-23890-23905-23965 levels. On the other hand, the immediate support lies at 23500-23470-23445 if, the Index moves below 23445 then, it may try to re-visit 23400-23360-23325-23295-23255-23225 levels.

Special Mention: On Friday, Nifty Index unable to continue the pull back, the intra sell-off dragged till 23443.20 and closed below our threshold support levels i.e., 23635. Today, the Nifty index must trade, sustain and closes above 23635-23775-23805, it may continue the pull back rally to re-test 23865-24035-24120 levels. On the other hand, the immediate support seen at 23445-23295-23225, further weakness below 23225 then, the Index may try to re-visit 23125-22960-22785 levels in the near term. Let see how the Index opens today near 23530-23570-23590 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a positive note at 50484.45 on the opening move, it made a high 50641.75 thereafter, it moved down, made a low 49871.15 and closed on a negative note at 50158.85 with an intra loss 223.25 points, i.e., -0.44%, today Nifty Bank Index must move and sustain above 50250-50345 levels; if to do so, then it may try to re-test 50415-50550-50640-50770-50850-50990 levels. On the other hand, any weakness near 50250-50345 further, it moves below 50130-50045 then, the Index may re-visit 49960-49870-49775-49570-49440-49315-49110-48905 levels. 

Sensex Index: On Friday, Sensex opened on a positive note at 78119.60 on the opening move, it made a day high 78356.98; thereafter, it moved down and made a low 77475.74 and closed on a negative note at 77860.19 with an intra loss 197.97 points, i.e., -0.25%, today Sensex must move and sustain above 77950-78100 levels; if to do so, then it may try to re-test 78170-78250-78355-78595-78550-78625-78735-78855-79045 levels. On the other hand, any weakness near 77950-78100 further, it moves below 77810-77680 then, the Index may re-visit 77580-77475-77365-77225-77110-76990-76875-76755 levels.

FII's & DII's Funds Flow: On Friday, FIIs, continued as a net seller, they sold on the net basis to the tune of Rs.470.39 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.454.20 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 07th Jan'25-Friday, the MPC has reduced the Repo rate to 6.25% from the existing rate of 6.50% and it has maintained the CRR-Cash Reserve Ratio at 4%. 

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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