21.11.23-Tuesday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a flat to negative note at 19731.15, our expected opening band 19735-19755-19775; on the opening move, the Index made a day high 19756.45 thereafter; it moved down, made a day low 19670.50 and closed at 19694 on a negative note with an intra loss 37 points, i.e., -0.19%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 19705-19720-19745 levels; if open, trade and sustain above 19745 then, the index may re-test 19755-19780-19805-19815-19845-19875-19905-19925 levels. On the other hand, the immediate support lies at 19685-19670 if, the Index moves below 19670 then, it may try to re-visit 19645-19615-19580-19540-19500 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally beyond 19875, once again made an inside day pattern i.e., not broken the previous day high or low and closed just above our threshold support levels i.e., 19690. 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 19705-19720-19745 levels.  

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 43591.50; on the opening move, it made a day high 43724 thereafter, it moved down, made a day low 43450.05 and closed on a flat to positive note at 43584.95 with an intra gain by 1 point, i.e., 0.00%, today the Nifty Bank Index must move above 43640-43665-43690 levels; if to do so, then it may try to re-test 43725-43750-43820-43880-43935-43995-44065-44135-44215 levels. On the other hand, any weakness near 43640-43665-43690 further, it moves below 43535-43450 then, the Index may re-visit 43375-43310-43250-43175-43100 levels.

FII's & DII's Funds Flow: Yesterday, FIIs continued as a net seller, they sold on the net basis to the tune of Rs.645.72 Cr. On other hand, the DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.77.77 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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