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Morning Market Outlook

* The market is expected to open on a flat note today, as most global markets, including the US and key Asian markets, are closed due to the New Year holiday. Overnight, US stocks saw declines of up to 1% on the last trading day of the year due to profit booking, although 2024 was a strong year overall, with all three major US indices posting their second consecutive year of gains.

* Today, a range bound market is anticipated, but stock and sector-specific movements are likely to continue.

* The SGX Nifty is down by 70 points. • Cement stocks are expected to perform well due to reports of price hikes by manufacturers.

* Metal stocks may see positive movement following better-than-expected December PMI data from China.

* Auto stocks will be in focus with December sales data set to be released today.

Nifty Technical Outlook

NIFTY (CMP : 23644) Nifty immediate support is at 23500 then 23350 zones while resistance at 23750 then 23900 zones. Now till it holds below 23800 zones weakness could be seen towards 23500 then 23350 levels while on the upside hurdle is seen at 23750 then 23900 zones.

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 50860) Bank Nifty support is at 50500 then 50250 zones while resistance at 51000 then 51250 zones. Now till it holds below 51000 zones weakness could be seen towards 50500 then 50250 levels while on the upside hurdle is seen at 51000 then 51250 zones.

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