08.11.24-Friday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a flat to positive note at 24489.60, our expected opening band 24480-24500, on the opening move it made a day high 24503.35, further it moved down; made a day low 24179.05 and closed on a negative note at 24199.35 with intra loss  284.70 points, i.e., -1.18%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 24220-24200-24175 levels; if open, trade and sustain above 24535 then, the index may re-test 24260-24300-24325-24355-24410-24435-24460-24500-24535 levels. On the other hand, the immediate support lies at 24135-24090 if, the Index moves below 24410 then, it may try to re-visit 24070-24040-24000-23980-23945-23900 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally beyond 24537.60, the intra sell-off dragged the index till 24179.05 and closed just near our threshold support levels i.e., 24200. Today, the Nifty index must trade, sustain and closes above 24500-24540-24600 then, it may continue the pull back rally to re-test 24695-24935-25225 levels. On the other hand, the immediate support seen at 24175-24075-23815, 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 24220-24200-24175 levels.

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 52544.70; on the opening move, it made a high 52630; thereafter, it moved down, made a low 52035.05 and closed on a negative note at 52199.90 with an intra loss 117.50 points, i.e., -0.23%, today Nifty Bank Index must move and sustain above 51990-52065 levels; if to do so, then it may try to re-test 52195-52245-52375-52460-52575-52630-52840-53055 levels. On the other hand, any weakness near 51990-52065 further, it moves below 51850-51750 then, the Index may re-visit 51620-51520-51395-51270-51175-51070 levels.

Sensex Index: Yesterday, Sensex opened on a positive note at 80563.42; on the opening move, it made a day high 80563.42; thereafter, it moved down, made a low 79419.34 and closed on a negative note at 79541.79 with an intra loss 836.34 points, i.e., -1.05%, today Sensex must move and sustain above 79615-79855 levels; if to do so, then it may try to re-test 79990-80125-80230-80320-80430-80570-80720-80875 levels. On the other hand, any weakness near 79615-79855 further, it moves below 79420-79260 then, the Index may re-visit 79125-78955-78785-78510-78375-78235 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.4888.77 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.1786.70 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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