13.11.23-Monday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, opened on a positive note at 19547.25, on the opening move, the Index made a day high 19547.25 and day low 19510.25 thereafter; traded in a range bound move and closed at 19525.55 on a positive note with an intra gain 100.20 points, i.e., 0.52%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 19525-19550 levels; if open, trade and sustain above 19550 then, the index may re-test 19570-19595-19635-19660-19685 levels. On the other hand, the immediate support lies at 19500-19465 if, the Index moves below 19465 then, it may try to re-visit 19440-19410-19380-19365-19330-19295 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally beyond 19464, made a high 19547 and closed well above our threshold resistance levels i.e., 19465. In the near term, if the Index moves and closes above 19550-19635, then it may re-test 19850-19925 levels. On the other hand, the strong support now lies at 19165-19090, if the Index moves and closes below 19090 then, the Index may try to re-visit 18975-18840 levels in the near term. Let see how the Index opens today at 19525-19550 levels.  

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 44054.50; on the opening move, it made a day high 44056 thereafter, it moved down, made a day low 43916.60 and closed on a positive note at 43996.65 with an intra gain 176.55 points, i.e., 0.40%, today the Nifty Bank Index must move above 44055-44095-44150 levels; if to do so, then it may try to re-test 44280-44410-44485-44570 levels. On the other hand, any weakness near 44055-44095-44150 further, it moves below 43910-43845 then, the Index may re-visit 43790-43705-43660-43600-43505-43410 levels.

FII's & DII's Funds Flow: Yesterday, FIIs continued their selling spree, they sold on the net basis to the tune of Rs.190.06 Cr. On other hand, the DIIs continued their buying mode, they bought on the net basis to the tune of Rs.95.31 Cr. 

INDIA's Macro Data:

On 01st Nov'23, the S&P Global Manufacturing PMI data for the month of Oct'23 released, it moved down to 55.50% from 57.50% (Sep'23). Likewise, the S&P Global Services PMI data for the month of Oct'23 released on 03rd Nov'23, it  moved down to 58.40 from 61% (Sep'23).

The RBI MPC meet held on 06th Oct'23-Friday,  the MPC maintained status quo in the Repo rate without changing the interest rate i.e., 6.50%. 

GDP data for the Q1 ending Jun'23 released on 31st Aug'23-Thursday, the GDP moved to 7.80% Vs.6.10% (Q4-Mar'23). 

IIP data for Sep'23 released on 10th Nov'23-Friday, the data shows that, the Industrial production has come down to 5.80% when compared to the Aug'23, it stood at 10.30%. 

Annual Inflation data for Sep'23 released on 12th Oct'23-Thursday, it shows that the Inflation has further come down to 5.02% from Aug'23 level i.e., 6.83%.

WPI Inflation data for the month of Sep'23 released on 16th Oct'23-Monday, it has further moved up to -0.26% as against the Sep'23 level i.e.,-0.52%.

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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