13.11.24-Wednesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, contrary to our expectation, opened on a positive note at 24225.80, our expected opening band 24170-24135, on the opening move it made a day high 24242, further it moved down; made a day low 23839.15 and closed on a negative note at 23883.45 with intra loss  257.85 points, i.e., -1.05%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note near 23855-23840-23816 levels; if open, trade and sustain above 23855 then, the index may re-test 23880-23900-23935-23965-23985-24040-24085-24120-24175 levels. On the other hand, the immediate support lies at 23780-23730 if, the Index moves below 23730 then, it may try to re-visit 23705-23665-23630-23600-23565 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally, the intra sell-off dragged till 23839 and closed below our threshold support levels i.e., 24075. Today, the Nifty index must trade, sustain and closes above 24175-24240 then, it may continue the pull back rally to re-test 24335-24695 levels. On the other hand, the immediate support seen at 23815-23780, further weakness below 23780 then, the Index may try to re-visit 23665-23485 levels in the near term. Let see how the Index opens today near 23855-23840-23816 levels.

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 52053.75; on the opening move, it made a high 52169.05 thereafter, it moved down, made a low 51006.85 and closed on a negative note at 51157.80 with an intra loss 718.95 points, i.e., -1.41%, today Nifty Bank Index must move and sustain above 51280-51335 levels; if to do so, then it may try to re-test 51450-51585-51655-51725-51830-51920-52035 levels. On the other hand, any weakness near 51280-51335 further, it moves below 51005-50900-50865 then, the Index may re-visit 50760-50690-50640-50510-50380 levels.

Sensex Index: Yesterday, Sensex opened on a positive note at 79644.95; on the opening move, it made a day high 79820.98; thereafter, it moved down, made a low 78547.84 and closed on a negative note at 78675.18 with an intra loss 820.97 points, i.e., -1.04%, today Sensex must move and sustain above 78700-78895 levels; if to do so, then it may try to re-test 79035-79185-79335-79445-79550-79675-79820 levels. On the other hand, any weakness near 78700-78895 further, it moves below 78550-78295-78230 then, the Index may re-visit 79130-79000-78785-78700-78510-78375-78235-78105-77975-77850 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.3024.31 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.1854.46 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 Sep'24 released on 12th Nov'24-Tuesday, the Industrial production has gone up to 3.10%; when compared to the Aug'24 level, i.e., -.0.10%. 

Annual Inflation data for Oct'24 released on 12th Nov'24-Tuesday, the inflation has gone up to 6.21% from Oct'24 level i.e., 5.49%.

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.

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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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