14.11.24-Thursday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a negative note at 23822.45, our expected opening band 23855-23840-23816, on the opening move it made a day high 23873.60, further it moved down; made a day low 23509.60 and closed on a negative note at 23559.05 with intra loss  324.40 points, i.e., -1.38%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 23555-23510 levels; if open, trade and sustain above 23555 then, the index may re-test 23585-23620-23645-23675-23705-23720-23765-23785-23840 levels. On the other hand, the immediate support lies at 23485-23450 if, the Index moves below 23450 then, it may try to re-visit 23410-23380-23350-23335-23265 levels.

Special Mention: Yesterday, Nifty Index unable to continued the down ward move, the intra sell-off till 23509.60 and closed below our threshold support levels i.e, 23780. Today, the Nifty index must trade, sustain and closes above 23815-24175 then, it may continue the pull back rally to re-test 24335-24540 levels. On the other hand, the immediate support seen at 23485-23350, further weakness below 23350 then, the Index may try to re-visit 23190-22800 levels in the near term. Let see how the Index opens today near 23555-23510 levels.

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 51199.90; on the opening move, it made a high 51464 thereafter, it moved down, made a low 49904.40 and closed on a negative note at 50088.35 with an intra loss 1069.45 points, i.e., -2.14%, today Nifty Bank Index must move and sustain above 50170-50340 levels; if to do so, then it may try to re-test 50455-50600-50770-50930-51050 levels. On the other hand, any weakness near 50170-50340 further, it moves below 50000-49810 then, the Index may re-visit 49700-49650-49510-49360-49200 levels.

Sensex Index: Yesterday, Sensex opened on a negative note at 78495.53; on the opening move, it made a day high 78690.02; thereafter, it moved down, made a low 77533.30 and closed on a negative note at 77690.95 with an intra loss 984.23 points, i.e., -1.27%, today Sensex must move and sustain above 77835-77975 levels; if to do so, then it may try to re-test 78140-78325-78515-78690-78815-79000-79120 levels. On the other hand, any weakness near 77835-77975 further, it moves below 77535-77425-77220 then, the Index may re-visit 77180-77090-76915-76745 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.2502.58 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.6145.24 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.

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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