22.11.24-Friday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a negative note at 23488.45, our expected opening band 23465-23410, on the opening move it made a day high 23507.30, further it moved down; made a day low 23263.15 and closed on a negative note at 23349.90 with intra loss 168.60 points, i.e., -0.72%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 23365-23390-23420 levels; if open, trade and sustain above 23420 then, the index may re-test 23460-23480-23505-23550-23580-23605-23630-23670 levels. On the other hand, the immediate support lies at 23310-23265 if, the Index moves below 23265 then, it may try to re-visit 23230-23190-23140-23095-23050-23000 levels.

Special Mention: Yesterday, Nifty Index continued the sell-off dragged till 23263.15 and closed just near our support levels i.e., 23350. Today, the Nifty index must trade, sustain and closes above 23500-23605-23780 then, it may continue the pull back rally to re-test 24335-24470 levels. On the other hand, the immediate support seen at 23350-23235, further weakness below 23235 then, the Index may try to re-visit 23190-22800 levels in the near term. Let see how the Index opens today near 23365-23390-23420 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 50625; on the opening move, it made a high 50652.15 thereafter, it moved down, made a low 49787.10 and closed on a negative note at 50372.90 with an intra loss 253.60 points, i.e., -0.50%, today Nifty Bank Index must move and sustain above 50400-50540 levels; if to do so, then it may try to re-test 50650-50820-50885-50985-51140-51300 levels. On the other hand, any weakness near 50400-50540 further, it moves below 50320-50180 then, the Index may re-visit 50120-50070-49990-49890-49790-49655-49505 levels.

Sensex Index: Yesterday, Sensex opened on a negative note at 77711.11 on the opening move, it made a day high 77711.11; thereafter, it moved down, made a low 76802.73 and closed on a negative note at 77155.79 with an intra loss 422.59 points, i.e., -0.55%, today Sensex must move and sustain above 77215-77365 levels; if to do so, then it may try to re-test 77430-77515-77625-77710-77820-77960-78100 levels. On the other hand, any weakness near 77215-77365 further, it moves below 77150-77000 then, the Index may re-visit 76910-77800-76585-76365-76250-75985 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.5320.68 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.4200.16 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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