21.11.24-Thursday, 08.50 am 

Good Morning all .....

What has happened on Tuesday? Nifty Index, as expected and written, opened on a positive note at 23529.55, our expected opening band 23450-23485, on the opening move it made a day high 23780.65, further it moved down; made a day low 23464.80 and closed on a positive note at 23518.50 with intra gain 64.70 points, i.e., 0.28%.

What will happen today? 

ifty Index: Today, Nifty Index may open on a negative note near 23465-23410 levels; if open, trade and sustain above 23465 then, the index may re-test 23500-23540-23585-23605-23655-23695-23725-23745-23780 levels. On the other hand, the immediate support lies at 23380-23350 if, the Index moves below 23350 then, it may try to re-visit 23315-23280-23255-23220-23190 levels.

Special Mention: On Tuesday, Nifty Index, as expected the pull back rally lifted the index till 23780.65 but, last hour intra sell-off dragged the index till 23464.80 and closed well below the long term support levels i.e, 23575 (200 DMA). Today, the Nifty index must trade, sustain and closes above 23600-23780 then, it may continue the pull back rally to re-test 24335-24470 levels. On the other hand, the immediate support seen at 23465-23350, further weakness below 23350 then, the Index may try to re-visit 23250-23190-22800 levels in the near term. Let see how the Index opens today near 23465-23410 levels. The crucial support for today lies at 23410-23350, this level should not be broken at any cost else, the down ward move intensify further to drag the index till 23250-23190-22560 in the near term.

Nifty Bank Index: On Tuesday, Nifty Bank Index opened on a positive note at 50580.55; on the opening move, it made a high 50983.50 thereafter, it moved down, made a low 50440.85 and closed on a positive note at 50626.50 with an intra gain 262.70 points, i.e., 0.52%, today Nifty Bank Index must move and sustain above 50710-50875 levels; if to do so, then it may try to re-test 50985-51045-51130-51310-51500-51620-51735 levels. On the other hand, any weakness near 50710-50875 further, it moves below 50570-50440 then, the Index may re-visit 50300-50235-50160-50030-49905-49810-49655 levels.

Sensex Index: On Tuesday, Sensex opened on a positive note at 77548; on the opening move, it made a day high 78541.65; thereafter, it moved down, made a low 77411.31 and closed on a positive note at 77578.38 with an intra gain 239.37 points, i.e., 0.31%, today Sensex must move and sustain above 77760-77810 levels; if to do so, then it may try to re-test 77930-78055-78145-78265-78335-78450-78735-78935 levels. On the other hand, any weakness near 77760-77810 further, it moves below 77410-77240 then, the Index may re-visit 77050-76865-76585-76365-76250 levels.

FII's & DII's Funds Flow: On Tuesday, FIIs continued as a net seller, they sold on the net basis to the tune of Rs.3411.73 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.2783.89 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.

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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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