15.11.23-Wednesday, 08.30 am 

Good Morning all... 

What has happened on Monday? Nifty Index, contrary to our expectation, opened on a negative note at 19486.75, on the opening move, the Index made a day high 19494.40 thereafter; it moved down, made a day low 19414.75 and closed at 19443.55 on a negative note with an intra loss 88.20 points, i.e., -0.42%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note with gap up by tracking global indices near 19550-19635-19680 levels; if open, trade and sustain above 19680 then, the index may re-test 19735-19760-19790-19820-19850 levels. On the other hand, the immediate support lies at 19435-19415 if, the Index moves below 19415 then, it may try to re-visit 19380-19365-19345-19310-19285-19255-19225 levels.

Special Mention: On Monday, Nifty Index unable to continue the pull back rally above 19547, made a high 19494 and closed below 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 19235-19090, 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 19550-19635-19680 levels.  

Nifty Bank Index: On Monday, Nifty Bank Index opened on a negative note at 43915.10; on the opening move, it made a day low 43681.40 thereafter, it moved up, made a day high 43970.75 and closed on a negative note at 43891.25 with an intra loss 105.40 points, i.e., -0.24%, today the Nifty Bank Index must move above 44150-44280 levels; if to do so, then it may try to re-test 44410-44485-44570-44640-44710 levels. On the other hand, any weakness near 44150-44280 further, it moves below 43970-43865 then, the Index may re-visit 43790-43680-43600-43560-43410 levels.

FII's & DII's Funds Flow: On Monday, FIIs continued their selling spree, they sold on the net basis to the tune of Rs.1244.44 Cr. On other hand, the DIIs continued their buying mode, they bought on the net basis to the tune of Rs.830.40 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 moved down to 5.80% when compared to the Aug'23, it stood at 10.30%. 

Annual Inflation data for Oct'23 released on 13th Nov'23-Monday, it shows that the Inflation has further moved down to 4.87% from Sep'23 level i.e., 5.02%.

WPI Inflation data for the month of Oct'23 released on 14th Nov'23-Tuesday, it has further moved down to -0.52% as against the Sep'23 level i.e.,-0.26%.

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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