11.12.23-Monday, 08.30 am 

Good Morning all... 

What has happened on Friday? Nifty Index, as expected and written opened on a positive note at 20934.10; our expected opening band 20925-20940-20960; on the opening move, the Index made a day high 21006.10 thereafter; it moved down, made a day low 20862.70 and closed on a positive note at 20969.40 with an intra gain 68.25 points, i.e., 0.33%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 20965-20935-20910 levels; if open, trade and sustain above 20965 then, the index may test 21005-21030-21045-21080-21210 levels. On the other hand, the immediate support lies at 20850-20825 if, the Index moves below 20825 then, it may try to re-visit 20785-21755-20730-20705-20680-20645 levels.

Special Mention: On Friday, Nifty Index continued the northward journey, made a new all time high 21006.40 and closed well above 20960 levels. In the near term, if the Index moves and closes above 20995, then it may test 21080-21210-21340 levels. On the other hand, the strong support now lies at 20700-20500, if the Index moves and closes below 20500 then, the Index may try to re-visit 20290-20222-20100 levels in the near term. Let see how the Index opens today at 20965-20935-20910 levels.

Nifty Bank Index: On Friday, Nifty Bank Index opened on a negative note at 46797.20; on the opening move, it made a day low 46793, thereafter, it moved up, made a day high 47303.25 and closed on a positive note at 47262 with an intra gain by 420.60 points, i.e., 0.90%, today the Nifty Bank Index must move above 47305-47380 levels; if to do so, then it may try to test 47440-47520-47605-47700 levels. On the other hand, any weakness near 47305-47380 further, it moves below 47195-47155 then, the Index may re-visit 47050-46985-46915-46855-46795-46755-46695 levels.

FII's & DII's Funds Flow: On Friday, FIIs turned as a net buyer, they bought on the net basis to the tune of Rs.3632.30 Cr. On other hand, the DIIs continued as a net seller, they sold on the net basis to the tune of Rs.434.02 Cr. 

INDIA's Macro Data:

On 01st Dec'23, the S&P Global Manufacturing PMI data for the month of Nov'23 released, it moved up to 56% from 55.50% (Oct'23). Likewise, the S&P Global Services PMI data for the month of Nov'23 released on 05th Dec'23, it  moved down to 56.90 from 58.40 (Oct'23).

The RBI MPC meet held on 08th Dec'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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