01.12.23-Friday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, opened on a positive note at 20108.50;  on the opening move, the Index made a day low 20015.85 thereafter; it moved up, made a day high 20158.70 and closed on a positive note at 20133.15 with an intra gain 36.55 points, i.e., 0.18%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 20160-20195 levels; if open, trade and sustain above 20195 then, the index may test 20220-20245-20270-20295-20315 levels. On the other hand, the immediate support lies at 20130-20105 if, the Index moves below 20105 then, it may try to re-visit 20065-20035-19995-19975-19555-19915 levels.

Special Mention: Yesterday, Nifty Index continued the northward rally, made a high 20158.70 and closed above 20065. In the near term, if the Index moves and closes above 20130-20222, then it may test 20600-20750 levels. On the other hand, the strong support now lies at 19990-19700, if the Index moves and closes below 19700 then, the Index may try to re-visit 19465-19330-19225 levels in the near term. Let see how the Index opens today at 20160-20195 levels.

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 44711.20; on the opening move, it made a day high 44764.80 thereafter, it moved down, made a day low 44254.60 and closed on a negative note at 44481.75 with an intra loss by 84.70 points, i.e., -0.13%, today the Nifty Bank Index must move above 44570-44615-44655 levels; if to do so, then it may try to test 44705-44765-44830-44900-44995 levels. On the other hand, any weakness near 44570-44615-44655 further, it moves below 44450-44375 then, the Index may re-visit 44315-44285-44255-44185-44115-44070 levels.

FII's & DII's Funds Flow: Yesterday, FIIs continued as a net buyer, they heavily bought on the net basis to the tune of Rs.8147.85 Cr. On other hand, the DIIs turned as a net seller, they sold on the net basis to the tune of Rs.780.32 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 Q2 ending Sep'23 released on 30th Nov'23-Thursday, the GDP has moved down to 7.60% Vs.7.80% (Q1-Jun'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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