24.02.2025-Monday, 08.50 am

Good Morning all... 

What has happened on Friday? Nifty Index, opened on a negative note at 22857.20, our expected opening band  22955-22900-22870, on the opening move it made a day high 22921, further it moved down; made a day low 22720.30 and closed on a negative note at 22795.90 with intra loss 117.25 points, i.e., -0.51%.

What will happen today? 

Nifty Index: Today, we expect the Nifty may open near 22795-22760-22700 levels; if open, trade and sustain above 22795 then, the index may re-test 22815-22845-22885-22920-22955-22975 levels. On the other hand, the immediate support lies at 22665-22640 if, the Index moves below 22640 then, it may try to re-visit 22595-22550-22505-22460-22410 levels.

Special Mention: On Friday, Nifty Index started to move down again below our threshold support levels, made a low 22720.30 and closed below 22800. Today, the Nifty index must trade, sustain and closes above 22980-23050-23085; it may continue the pull back rally to re-test 23235-23395-23500 levels. On the other hand, the immediate support seen at 22640-22460, further weakness below 22460 then, the Index may try to re-visit 22460-21870 levels in the near term. Let see how the Index opens today near 22795-22760-22700 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a negative note at 49127.95 on the opening move, it made a high 49306.55 thereafter, it moved down, made a low 48764 and closed on a negative note at 48981.20 with an intra loss 353.35 points, i.e., -0.72%, today Nifty Bank Index must move and sustain above 49060-49150 levels; if to do so, then it may try to re-test 49250-49310-49450-49555-49685-49835 levels. On the other hand, any weakness near 49060-49150 further, it moves below 48765-48525 then, the Index may re-visit 48450-48320-48290-48185-48075-47950-47845 levels. 

Sensex Index: On Friday, Sensex opened on a negative note at 75612.61 on the opening move, it made a day high 75748.72; thereafter, it moved down and made a low 75112.41 and closed on a negative note at 75311.06 with an intra loss 424.90 points, i.e., -0.56%, today Sensex must move and sustain above 75390-75580 levels; if to do so, then it may try to re-test 75750-75870-75980-76075 levels. On the other hand, any weakness near 75390-75580 further, it moves below 74950-74535 then, the Index may re-visit 74320-74200-74080-73885 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.3449.15 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2884.61 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.

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.

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