19.02.2025-Wednesday, 08.50 am

Good Morning all... 

What has happened yesterday? Nifty Index, opened on a negative note at 22963.65, our expected opening band 22900-22945-22980, on the opening move it made a day high 22992.50, further it moved down; made a day low 22801.50 and closed on a negative note at 22945.30 with intra loss 14.20 points, i.e., -0.06%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 22975-22935-22900 levels; if open, trade and sustain above 22975 then, the index may re-test 22995-23040-23085-23125-23180-23235-23265-23300-23345-23390 levels. On the other hand, the immediate support lies at 22875-22850-22805 if, the Index moves below 22800 then, it may try to re-visit 22785-22750-22725-22700-22675-22640 levels.

Special Mention: Yesterday, Nifty Index unable to continue the sell-off beyond our threshold support levels i.e., 22785-22725, though it made a high on the opening move at 22992.50, the intra mild sell-off dragged till 22801.50 and closed below our threshold resistance levels i.e., 22975. Today, the Nifty index must trade, sustain and closes above 22995-23085-23235; it may continue the pull back rally to re-test 23390-23510-23665-23805 levels. On the other hand, the immediate support seen at 22725-22640, further weakness below 22640 then, the Index may try to re-visit 22460-21820 levels in the near term. Let see how the Index opens today near 22975-22935-22900 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 49211.85 on the opening move, it made a high 49328.55 thereafter, it moved down, made a low 48814.95 and closed on a negative note at 49087.30 with an intra loss 171.60 points, i.e., -0.35%, today Nifty Bank Index must move and sustain above 49155-49240 levels; if to do so, then it may try to re-test 49350-49450-49555-49685-49835-49925-50020-50190 levels. On the other hand, any weakness near 49155-49240 further, it moves below 49005-48975-48915 then, the Index may re-visit 48815-48655-48525-48420-48325-48175 levels. 

Sensex Index: Yesterday, Sensex opened on a positive note at 76073.71 on the opening move, it made a day high 76091.69; thereafter, it moved down and made a low 75531.01 and closed on a negative note at 75967.39 with an intra loss 29.47 points, i.e., -0.04%, today Sensex must move and sustain above 76030-76090 levels; if to do so, then it may try to re-test 76200-76330-76450-76595-76680-76765-76970-77160 levels. On the other hand, any weakness near 76030-76090 further, it moves below 75920-75810 then, the Index may re-visit 75745-75665-75595-75530-75390-75295-75185-75090 levels.

FII's & DII's Funds Flow: Yesterday, FIIs, turned as a net buyer, they bought on the net basis to the tune of Rs.4786.56 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.3072.19 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 Feb'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 Dec'24 released on 12th Feb'25-Wednesday, the Industrial production has come down to 3.20%; when compared to the Nov'24 level, i.e., 5.00%. 

Annual Inflation data for Jan'25 released on 12th Feb'25-Wednesday, the inflation has come down to 4.31% from Dec'24 level i.e., 5.22%.

WPI Inflation data for the month of Jan'25 released on 14th Feb'25-Friday, it has come down to 2.31% as against the Dec'24 level i.e.,2.37%.

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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