17.11.23-Friday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a flat to negative note at 19674.70, our expected opening band 19675-19640; on the opening move, the Index made a day low 19627 thereafter; it moved up, made a day high 19875.25 and closed at 19765.20 on a positive note with an intra gain 89.75 points, i.e., 0.46%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 19750-19720-19685 levels; if open, trade and sustain above 19750 then, the index may re-test 19780-19805-19825-19845-19875-19905-19940 levels. On the other hand, the immediate support lies at 19650-19610 if, the Index moves below 19610 then, it may try to re-visit 19580-19560-19540-19500-19480-19460 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally above 19695, made a high 19875 and closed well below our threshold resistance levels i.e., 19850. In the near term, if the Index moves and closes above 19850-19925, then it may re-test 20065-20220 levels. On the other hand, the strong support now lies at 19550-19330, if the Index moves and closes below 19330 then, the Index may try to re-visit 19225-19090-18975 levels in the near term. Let see how the Index opens today at 19750-19720-19680 levels.  

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 44251.70; on the opening move, it made a day high 44420.95 thereafter, it moved down, made a day low 44064.15 and closed on a negative note at 44161.55 with an intra loss 40.15 points, i.e., -0.09%, today the Nifty Bank Index must move above 44220-44315 levels; if to do so, then it may try to re-test 44380-44420-44475-44520-44570-44640 levels. On the other hand, any weakness near 44220-44315 further, it moves below 44100-44050-43970 then, the Index may re-visit 43910-43855-43770-43680-43560 levels.

FII's & DII's Funds Flow: Yesterday, FIIs continued as a buyer, they bought on the net basis to the tune of Rs.957.25 Cr. On other hand, the DIIs continued their buying mode, they bought on the net basis to the tune of Rs.705.65 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.

Research Analyst Disclaimer: Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.