16.11.23-Thursday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note with gap up  at 19651.40, our expected opening band 19550-19635-19680; on the opening move, the Index made a day low 19579.65 thereafter; it moved up, made a day high 19693.20 and closed at 19675.45 on a positive note with an intra gain 231.90 points, i.e., 1.19%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 19675-19645-19620 levels; if open, trade and sustain above 19675 then, the index may re-test 19695-19730-19760-19790-19820-19850-19870 levels. On the other hand, the immediate support lies at 19605-19580 if, the Index moves below 19580 then, it may try to re-visit 19550-19510-19470-19440-19415-19370 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally above 19547, made a high 19693 and closed well above our threshold resistance levels i.e., 19550. In the near term, if the Index moves and closes above 19690-19735, then it may re-test 19850-19925 levels. On the other hand, the strong support now lies at 19450-19225, if the Index moves and closes below 19225 then, the Index may try to re-visit 19090-18975-18840 levels in the near term. Let see how the Index opens today at 19675-19645-19620 levels.  

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 44398.45; on the opening move, it made a day high 44408.55 thereafter, it moved down, made a day low 44164.55 and closed on a positive note at 44201.70 with an intra gain 310.45 points, i.e., 0.71%, today the Nifty Bank Index must move above 44260-44340 levels; if to do so, then it may try to re-test 44410-44475-44570-44640-44710 levels. On the other hand, any weakness near 44260-44340 further, it moves below 44165-44100 then, the Index may re-visit 44045-43960-43905-43855-43770-43680 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a buyer, they bought on the net basis to the tune of Rs.550.19 Cr. On other hand, the DIIs continued their buying mode, they bought on the net basis to the tune of Rs.609.82 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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