18.11.24-Monday, 08.50 am 

Good Morning all .....

What has happened on Thursday? Nifty Index, as expected and written, opened on a flat to negative note at 23542.15, our expected opening band 23555-23510, on the opening move it made a day high 23675.90, further it moved down; made a day low 23496.10 and closed on a negative note at 23532.70 with intra loss  26.35 points, i.e., -0.11%.

What will happen today? 

ifty Index: Today, Nifty Index may open on a flat to negative note near 23530-23485 levels; if open, trade and sustain above 23530 then, the index may re-test 23570-23600-23635-23675-23705-23730-23775-23810-23845-23895 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: On Thursday, Nifty Index continued the down ward move, the intra sell-off dragged till 23484.15 and closed just below our threshold support levels i.e, 23555. 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 23450-23410, further weakness below 23410 then, the Index may try to re-visit 23190-22800 levels in the near term. Let see how the Index opens today near 22530-23485 levels.

Nifty Bank Index: On Thursday, Nifty Bank Index opened on a negative note at 50053.45; on the opening move, it made a high 50561.80 thereafter, it moved down, made a low 49939.35 and closed on a positive note at 50179.55 with an intra gain 91.20 points, i.e., 0.18%, today Nifty Bank Index must move and sustain above 50245-50380 levels; if to do so, then it may try to re-test 50440-50605-50770-50930-51050 levels. On the other hand, any weakness near 50245-50380 further, it moves below 50080-50010 then, the Index may re-visit 49940-49900-49770-49655-49540-49420-49305-49200 levels.

Sensex Index: On Thursday, Sensex opened on a negative note at 79636.94; on the opening move, it made a day high 78055.52; thereafter, it moved down, made a low 77424.81 and closed on a negative note at 77580.31 with an intra loss 110.64 points, i.e., -0.14%, today Sensex must move and sustain above 77685-77740 levels; if to do so, then it may try to re-test 77815-77920-77985-78055-78225-78445 levels. On the other hand, any weakness near 77685-77740 further, it moves below 77425-77250 then, the Index may re-visit 77180-77090-76915-76745 levels.

FII's & DII's Funds Flow: On Thursday, FIIs continued as a net seller, they sold on the net basis to the tune of Rs.1849.87 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.2481.81 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 Oct'24 released on 14th Nov'24-Thursday, it has gone up to 2.36% as against the Sep'24 level i.e.,1.84%.

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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