19.11.24-Tuesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, contrary to our expectation, opened on a positive note at 23605.30, our expected opening band 23530-23485, on the opening move it made a day high 23606.80, further it moved down; made a day low 23350.40 and closed on a negative note at 23453.80 with intra loss  78.90 points, i.e., -0.34%.

What will happen today? 

ifty Index: Today, Nifty Index may open on a flat to positive note near 23450-23485 levels; if open, trade and sustain above 23485 then, the index may re-test 23515-23565-23610-23655-23675-23725-23785 levels. On the other hand, the immediate support lies at 23410-23380 if, the Index moves below 23380 then, it may try to re-visit 23350-23315-23280-23255-23220-23190 levels.

Special Mention: Yesterday, Nifty Index continued the down ward move, the intra sell-off dragged till 23350.40 and closed well below the long term support levels i.e, 23565 (200 DMA). Today, the Nifty index must trade, sustain and closes above 23565-23815-24100 then, it may continue the pull back rally to re-test 24335-24540 levels. On the other hand, the immediate support seen at 23350-23280, further weakness below 23280 then, the Index may try to re-visit 23190-22800 levels in the near term. Let see how the Index opens today near 23450-23485 levels. The crucial support for today lies at 23350-23280, this level should not be broken at any cost else, the down ward move intensify further to drag the index till 23190-22560-21870-21280 in the near term, it looks the index may take support near 23350-23280 for time being since, the index trades in the oversold zone, the pull back is possible till 24300-24550 in the near term.

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 50312.45; on the opening move, it made a low 50074 thereafter, it moved up, made a high 50445.80 and closed on a positive note at 50363.80 with an intra gain 184.25 points, i.e., 0.37%, today Nifty Bank Index must move and sustain above 50445-50560 levels; if to do so, then it may try to re-test 50770-50930-51050-51175-51310 levels. On the other hand, any weakness near 50445-50560 further, it moves below 50300-50075 then, the Index may re-visit 49905-49770-49655-49540-49420-49305-49200 levels.

Sensex Index: Yesterday, Sensex opened on a positive note at 77863.54; on the opening move, it made a day high 77886.97; thereafter, it moved down, made a low 76965.06 and closed on a negative note at 77339.01 with an intra loss 241.30 points, i.e., -0.31%, today Sensex must move and sustain above 77375-77660 levels; if to do so, then it may try to re-test 77885-78100-78165-78290-78480-78675-78865 levels. On the other hand, any weakness near 77375-77660 further, it moves below 77255-77195 then, the Index may re-visit 76915-76745-76585-76365-76250 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.1403.40 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.2330.56 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.

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.