11.02.2025-Tuesday, 08.50 am

Good Morning all... 

What has happened yesterday? Nifty Index, opened on a negative note at 23543.80, our expected opening band 23530-23570-23590, on the opening move it made a day high 23568.60, further it moved down; made a day low  23316.30 and closed on a negative note at 23381.60 with intra loss 178.35 points, i.e., -0.76%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 23360-23410-23445 levels; if open, trade and sustain above 23445 then, the index may re-test 23490-23540-23570-23595-23630-23660-23700-23750 levels. On the other hand, the immediate support lies at 23345-23315-23295 if, the Index moves below 23295 then, it may try to re-visit 23255-23235-23200-23175-23140-23100 levels.

Special Mention: Yesterday, Nifty Index continued the sell-off, made a low 23316.30 and closed below our threshold support levels i.e., 23445. Today, the Nifty index must trade, sustain and closes above 23500-23635, it may continue the pull back rally to re-test 23805-24045 levels. On the other hand, the immediate support seen at 23300-23225-23175, further weakness below 23175 then, the Index may try to re-visit 23025-22960-22785 levels in the near term. Let see how the Index opens today near 23360-23410-23445 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 50052.50 on the opening move, it made a high 50155.65 thereafter, it moved down, made a low 49703.10 and closed on a negative note at 49981 with an intra loss 177.85 points, i.e., -0.35%, today Nifty Bank Index must move and sustain above 50050-50155 levels; if to do so, then it may try to re-test 50280-50365-50440-50535-50640-50770-50900 levels. On the other hand, any weakness near 50050-50155 further, it moves below 49930-49875-49810 then, the Index may re-visit 49705-49570-49440-49315-49110-48910 levels. 

Sensex Index: Yesterday, Sensex opened on a negative note at 77789.30 on the opening move, it made a day high 77849.58; thereafter, it moved down and made a low 77106.89 and closed on a negative note at 77311.80 with an intra loss 548.39 points, i.e., -0.70%, today Sensex must move and sustain above 77400-77480 levels; if to do so, then it may try to re-test 77565-77730-77850-78015-78110-78260-78385-78550 levels. On the other hand, any weakness near 77400-77480 further, it moves below 77280-77105 then, the Index may re-visit 76990-76875-76755-76590 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.2463.72 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.1515.52 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.

DISCLAIMER:

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.

Research Analyst Disclaimer: Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.