11.11.24-Monday, 08.50 am 

Good Morning all .....

What has happened on Friday? Nifty Index, as expected and written, opened on a flat note at 24207.70, our expected opening band 24220-24200, on the opening move it made a day high 24276.15, further it moved down; made a day low 24066.65 and closed on a negative note at 2418.20 with intra loss  51.15 points, i.e., -0.21%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 24145-24110-24090 levels; if open, trade and sustain above 24145 then, the index may re-test 24180-24215-24245-24275-24305-24335-24380 levels. On the other hand, the immediate support lies at 24070-24040 if, the Index moves below 24040 then, it may try to re-visit 24000-23980-23945-23900-23855-23815 levels.

Special Mention: On Friday, Nifty Index unable to continue the pull back rally, the intra sell-off dragged till our threshold support levels i.e., 24075 and closed just near our threshold resistance levels i.e., 24205. Today, the Nifty index must trade, sustain and closes above 24230-24330-24535 then, it may continue the pull back rally to re-test 24695-24750-24900 levels. On the other hand, the immediate support seen at 24075-23985-23815, 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 24145-24110-24090 levels.

Nifty Bank Index: On Friday, Nifty Bank Index opened on a negative note at 51869.15; on the opening move, it made a high 52007.15 thereafter, it moved down, made a low 51494 and closed on a negative note at 51561.20 with an intra loss 638.70 points, i.e., -1.24%, today Nifty Bank Index must move and sustain above 51680-51750-51860 levels; if to do so, then it may try to re-test 51950-52010-52145-52225-52310-52495 levels. On the other hand, any weakness near 51680-51750-51860 further, it moves below 51495-51360 then, the Index may re-visit 51250-51160-51055-50960-50865 levels.

Sensex Index: On Friday, Sensex opened on a positive note at 79611.90; on the opening move, it made a day high 79807.26; thereafter, it moved down, made a low 79117.37 and closed on a negative note at 79486.32 with an intra loss 55.47 points, i.e., -0.07%, today Sensex must move and sustain above 79545-79660 levels; if to do so, then it may try to re-test 79805-79995-80070-80185-80300-80435-80570-80720-80875-80950-81125 levels. On the other hand, any weakness near 79615-79855 further, it moves below 79420-79380 then, the Index may re-visit 79320-79125-78955-78785-78510-78375-78235 levels.

FII's & DII's Funds Flow: On Friday, FIIs continued as a net seller, they sold on the net basis to the tune of Rs.3404.04 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.1748.44 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.

Research Analyst Disclaimer: Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.