07.11.24-Thursday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 24308.75, our expected opening band 24230-24265, on the opening move it made a day low 24204.05, further it moved up; made a day high 24537.60 and closed on a positive note at 24484.05 with intra gain 270.75 points, i.e., 1.11%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 24480-24500-24535 levels; if open, trade and sustain above 24535 then, the index may re-test 24565-24600-24630-24675-24695 levels. On the other hand, the immediate support lies at 24450-24410 if, the Index moves below 24410 then, it may try to re-visit 24385-24330-24295-24260-24220-24205-24175 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally till 24537.60 and closed just below threshold resistance levels i.e., 24500. Today, the Nifty index must trade, sustain and closes above 24540-24600 then, it may continue the pull back rally to re-test 24695-24935-25225 levels. On the other hand, the immediate support seen at 24200-23815, further weakness below 23815 then, the Index may try to re-visit 23695-23485 levels in the near term. Let see how the Index opens today near 24480-24500-24535 levels.

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 52440.40; on the opening move, it made a high 52493.95; thereafter, it moved down, made a low 52185.40 and closed on a positive note at 52317.40 with an intra gain 110.15 points, i.e., 0.21%, today Nifty Bank Index must move and sustain above 52410-52495 levels; if to do so, then it may try to re-test 52575-52675-52880-53090 levels. On the other hand, any weakness near 52410-52495 further, it moves below 52300-52230 then, the Index may re-visit 52185-52075-51935-51840-51740-51610-51480-51350 levels.

Sensex Index: Yesterday, Sensex opened on a positive note at 79771.82; on the opening move, it made a day low 79459.12; thereafter, it moved up, made a high 80569.73 and closed on a positive note at 80378.13 with an intra gain 901.50 points, i.e., 1.12%, today Sensex must move and sustain above 80440-80540-80570 levels; if to do so, then it may try to re-test 80770-80950-81125-81285-81440 levels. On the other hand, any weakness near 80440-80540-80570 further, it moves below 80300-80260 then, the Index may re-visit 80185-80070-79975-79885-79675-79540-79400 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.4445.59 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.4889.33 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 i.e., Sep'24. Likewise, the HSBC Services PMI data for the month of Oct'24 released on 06th Nov'24-Wednesday, it moved up to 58.50 from 57.70 i.e., Sep'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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