06.11.24-Wednesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, contrary to our expectation, opened on a negative note at 23916.50, our expected opening band 24010-23965, on the opening move it made a day low 23842.75, further it moved up; made a day high 24229.05 and closed on a positive note at 24213.30 with intra gain 217.95 points, i.e., 0.90%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 24230-24265 levels; if open, trade and sustain above 24265 then, the index may re-test 24295-24320-24350-24385-24420-24455-24500 levels. On the other hand, the immediate support lies at 24185-24155 if, the Index moves below 24155 then, it may try to re-visit 24115-24075-24045-24025-23990-23975-23935-23895-23845 levels.

Special Mention: Yesterday, Nifty Index unable to continue the down trend, made an inside pattern i.e., not broken the day high and low levels and closed above threshold support levels i.e., 24075. Today, the Nifty index must trade, sustain and closes above 24315-24500 then, it may continue the pull back rally to re-test 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 24230-24265 levels.

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 51052.60; on the opening move, it made a low 50865.45; thereafter, it moved up, made a high 52289.55 and closed on a positive note at 52207.25 with an intra gain 992 points, i.e., 1.90%, today Nifty Bank Index must move and sustain above 52290-52380 levels; if to do so, then it may try to re-test 52470-52575-52675-52880-53090 levels. On the other hand, any weakness near 52290-52380 further, it moves below 51870-51695 then, the Index may re-visit 51575-51410-51200-51040-50865-50640 levels.

Sensex Index: Yesterday, Sensex opened on a negative note at 78542.16; on the opening move, it made a day low 78296.70; thereafter, it moved up, made a high 79523.13 and closed on a positive note at 79476.63 with an intra loss 694.39 points, i.e., 0.87%, today Sensex must move and sustain above 79525-79640 levels; if to do so, then it may try to re-test 79855-80025-80275-80400-80540 levels. On the other hand, any weakness near 79525-79640 further, it moves below 79385-79260 then, the Index may re-visit 79165-79055-78940-78765-78590-78440 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.2569.41 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.3030.90 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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