05.11.24-Tuesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written opened on a flat note at 24315.75, our expected opening band 24310-24280, on the opening move it made a day high 24316.750, further it moved down; made a day low 23816.15 and closed on a negative note at 23995.35 with intra loss 309 points, i.e., -1.29%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 24010-23965 levels; if open, trade and sustain above 24010 then, the index may re-test 24030-24075-24095-24125-24155-24195-24235-24260-24295 levels. On the other hand, the immediate support lies at 23935-23895 if, the Index moves below 23895 then, it may try to re-visit 24875-23845-23815-23780-23755-23680 levels.

Special Mention: Yesterday, Nifty Index continued the down trend, the huge sell-off dragged the index beyond our threshold support levels i.e., 24075-23890, made a low 23816 and closed above threshold support levels i.e., 23890. Today, the Nifty index must trade, sustain and closes above 24075-24315 then, it may continue the pull back rally to re-test 24500-24695-24935 levels. On the other hand, the immediate support seen at 23815-23680, further weakness below 23680 then, the Index may try to re-visit 23485-23190 levels in the near term. Let see how the Index opens today near 24010-23895 levels.

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 51764.50; on the opening move, it made a high 51764.50; thereafter, it moved down, made a low 51066.80 and closed on a negative note at 51215.25 with an intra loss 458.65 points, i.e., -0.90%, today Nifty Bank Index must move and sustain above 51260-51420 levels; if to do so, then it may try to re-test 51640-51765-51820-51955-52070-52135-52255-52405 levels. On the other hand, any weakness near 51260-51420 further, it moves below 51140-51065-51015 then, the Index may re-visit 50900-50790-50640-50560-50465-50385 levels.

Sensex Index: Yesterday, Sensex opened on a negative note at 79713.14; on the opening move, it made a day high 79713.14; thereafter, it moved down, made a low 78232.60 and closed on a negative note at 78782.24 with an intra loss 941.88 points, i.e., -1.20%, today Sensex must move and sustain above 79800-80020 levels; if to do so, then it may try to re-test 80130-80240-80380-80460-80540-80610-80765-80880-80999-81205 levels. On the other hand, any weakness near 79800-80020 further, it moves below 79655-79570 then, the Index may re-visit 79470-79305-79140-78770-78445-78295 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.4329.79 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.2936.08 Cr. 

INDIA's Macro Data:-

On 04th Nov'24-Monday, the HSBC Manufacturing PMI data for the month of Oct'24 released, it moved up to 57.50 from 56.50 (Sep'24). Likewise, the HSBC Services PMI data for the month of Sep'24 released on 04th Oct'24-Friday, it moved down to 57.70 from 60.90 (Aug'24).

The RBI MPC meet held on 09th Oct'24-Wednesday, 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'24 released on 30th Aug'24-Friday, the GDP has moved down to 6.70% Vs.7.80% (Q4-Mar'24).

IIP data for Aug'24 released on 11th Oct'24-Friday, the Industrial production has come down to -0.10%; when compared to the Jul'24 level, i.e., 4.70%. 

Annual Inflation data for Sep'24 released on 14th Oct'24-Monday, the inflation has gone up to 5.49% from Aug'24 level i.e., 3.65%.

WPI Inflation data for the month of Sep'24 released on 14th Oct'24-Monday, it has gone up to 1.84% as against the Aug'24 level i.e.,1.31%.

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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