20.11.23-Monday, 08.30 am 

Good Morning all... 

What has happened on Friday? Nifty Index, as expected and written, opened on a flat to negative note at 19674.75, our expected opening band 19750-19720-19685; on the opening move, the Index made a day low 19667.45 thereafter; it moved up, made a day high 19806 and closed at 19731.80 on a negative note with an intra loss 33.40 points, i.e., -0.17%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 19735-19755-19775 levels; if open, trade and sustain above 19775 then, the index may re-test 19805-19825-19845-19875-19905-19940 levels. On the other hand, the immediate support lies at 19745-19715 if, the Index moves below 19685 then, it may try to re-visit 19685-19665-19645-19615-19580-19540 levels.

Special Mention: On Friday, Nifty Index unable to continue the pull back rally beyond 19875, made an inside day pattern i.e., not broken the previous day high or low and closed well above our threshold support levels i.e., 19715. 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 19530-19330, 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 19735-19755-19775 levels.  

Nifty Bank Index: On Friday, Nifty Bank Index opened on a negative note at 43656.25; on the opening move, it made a day high 43872.85 thereafter, it moved down, made a day low 43513.85 and closed on a negative note at 43583.95 with an intra loss 577.60 points, i.e., -1.31%, today the Nifty Bank Index must move above 43650-43720 levels; if to do so, then it may try to re-test 43770-43860-43915-43970-44075-44160 levels. On the other hand, any weakness near 43650-43720 further, it moves below 43500-43415 then, the Index may re-visit 43355-43265-43130-42990-42820 levels.

FII's & DII's Funds Flow: On Friday, FIIs turned as a net seller, they sold on the net basis to the tune of Rs.477.76 Cr. On other hand, the DIIs also turned as a net seller, they sold on the net basis to the tune of Rs.565.48 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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