24.11.23-Friday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a flat to positive note at 19828.45, our expected opening band 19820-19855-19875; on the opening move, the Index made a day high 19875.15 thereafter; it moved down, made a day low 19786.75 and closed at 19802 on a negative note with an intra loss 9.85 points, i.e., -0.05%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 19825-19850 levels; if open, trade and sustain above 19850 then, the index may re-test 19875-19900-19925-19960-19995 levels. On the other hand, the immediate support lies at 19790-19760 if, the Index moves below 19760 then, it may try to re-visit 19745-19730-19705-19690-19655-19625-19600-19570-19540 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally beyond the resistance levels i.e.,19875, traded in consolidation move and continue to close 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 19825-19850 levels.

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 43452.75; on the opening move, it made a day low 43451.35 thereafter, it moved up, made a day high 43649.65 and closed on a positive note at 43577.50 with an intra gain by 127.90 points, i.e., 0.29%, today the Nifty Bank Index must move above 43590-43650 levels; if to do so, then it may try to re-test 43735-43790-43830-43870-43965-44070 levels. On the other hand, any weakness near 43590-43650 further, it moves below 43525-43450 then, the Index may re-visit 43380-43305-43250-43230-43175-43100-43030 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a net buyer, they bought on the net basis to the tune of Rs.255.53 Cr. On other hand, the DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.457.39 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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