12.11.24-Tuesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a negative note at 24087.25, our expected opening band 24145-24110-24090, on the opening move it made a day low 24004.60, further it moved up; made a day high 24336.80 and closed on a negative note at 24141.30 with intra loss  6.90 points, i.e., -0.03%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 24170-24135-24090 levels; if open, trade and sustain above 24170 then, the index may re-test 24205-24240-24270-24305-24335-24380 levels. On the other hand, the immediate support lies at 24080-24045 if, the Index moves below 24045 then, it may try to re-visit 24005-23980-23945-23915-23855-23815 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally beyond 24276, made a high 24336.80 and closed above our threshold support levels i.e., 24075. Today, the Nifty index must trade, sustain and closes above 24335-24535 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 24170-24135-23090 levels.

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 51562.70; on the opening move, it made a low 51294.20 thereafter, it moved up, made a high 52177.70 and closed on a positive note at 51876.75 with an intra gain 315.55 points, i.e., 0.61%, today Nifty Bank Index must move and sustain above 51965-52075 levels; if to do so, then it may try to re-test 52175-52225-52310-52420-52495-52575 levels. On the other hand, any weakness near 51965-52075 further, it moves below 51770-51630 then, the Index may re-visit 51505-51395-51295-51160-51055-50960-50865 levels.

Sensex Index: Yesterday, Sensex opened on a negative note at 79298.46; on the opening move, it made a day low 79001.34; thereafter, it moved up, made a high 80102.14 and closed on a positive note at 79496.15 with an intra gain 9.83 points, i.e., 0.01%, today Sensex must move and sustain above 79550-79700 levels; if to do so, then it may try to re-test 79780-79865-80100-80275-80400-80570 levels. On the other hand, any weakness near 79550-79700 further, it moves below 79420-79295 then, the Index may re-visit 79130-79000-78785-78700-78510-78375-78235 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.2306.88 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.2026.63 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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