23.11.23-Thursday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a flat to positive note at 19784, our expected opening band 19785-19810-19830; on the opening move, the Index made a day high 19825.55 thereafter; it moved down, made a day low 19703.85 and closed at 19811.85 on a positive note with an intra gain 28.45 points, i.e., 0.14%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 19820-19855-19875 levels; if open, trade and sustain above 19875 then, the index may re-test 19905-19925-19960-19995 levels. On the other hand, the immediate support lies at 19790-19750 if, the Index moves below 19750 then, it may try to re-visit 19730-19705-19685-19655-19625-19600-19570-19540 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally beyond the resistance levels i.e.,19850-19875, traded with negative bias, but on closing hours moved up and closed well above our threshold support levels i.e., 19690. In the near term, if the Index moves and closes above 19850-19875-19925, 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 19820-19855-19875 levels.

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 43663.60; on the opening move, it made a day high 43692.50 thereafter, it moved down, made a day low 43230.95 and closed on a negative note at 43449.50 with an intra loss by 239.55 points, i.e., -0.55%, today the Nifty Bank Index must move above 43480-43555 levels; if to do so, then it may try to re-test 43640-43695-43820-43870-43965-44070 levels. On the other hand, any weakness near 43480-43555 further, it moves below 43410-43340 then, the Index may re-visit 43285-43230-43170-43105-43000-42910 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.306.56 Cr. On other hand, the DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.721.24 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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