12.02.2025-Wednesday, 08.50 am

Good Morning all... 

What has happened yesterday? Nifty Index, opened on a flat to positive note at 23383.55, our expected opening band 23360-23410-23445, on the opening move it made a day high 23390.05, further it moved down; made a day low  22986.65 and closed on a negative note at 23071.80 with intra loss 309.80 points, i.e., -1.32%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 23035-23080-23115 levels; if open, trade and sustain above 23115 then, the index may re-test 23140-23180-23210-23240-23270-23300-23345-23390-23445 levels. On the other hand, the immediate support lies at 22985-22945 if, the Index moves below 22945 then, it may try to re-visit 22910-22880-22850-22825-22786 levels.

Special Mention: Yesterday, Nifty Index continued the sell-off, made a low 22986.65 and closed below our threshold support levels i.e., 23175. Today, the Nifty index must trade, sustain and closes above 23300-23395-23500; it may continue the pull back rally to re-test 23665-23805 levels. On the other hand, the immediate support seen at 22980-22900-22855, further weakness below 22855 then, the Index may try to re-visit 22785-22520-22460 levels in the near term. Let see how the Index opens today near 23035-23080-23115 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 49812.15 on the opening move, it made a high 49906.75 thereafter, it moved down, made a low 49177.40 and closed on a negative note at 49403.40 with an intra loss 577.60 points, i.e., -1.16%, today Nifty Bank Index must move and sustain above 49480-49540 levels; if to do so, then it may try to re-test 49630-49735-49825-49910-50100-50210-50330 levels. On the other hand, any weakness near 49480-49540 further, it moves below 49350-49265 then, the Index may re-visit 49180-49110-49005-48905-48790-48670 levels. 

Sensex Index: Yesterday, Sensex opened on a positive note at 77384.98 on the opening move, it made a day high 77387.28; thereafter, it moved down and made a low 76030.59 and closed on a negative note at 76293.60 with an intra loss 1018.20 points, i.e., -1.32%, today Sensex must move and sustain above 76350-76475 levels; if to do so, then it may try to re-test 76550-76700-76865-76960-77060-77230-77380-77540 levels. On the other hand, any weakness near 76350-76475 further, it moves below 76190-76030 then, the Index may re-visit 75875-75675-75480-75270 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.4486.41 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.4001.89 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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