25.11.24-Monday, 08.50 am 

Good Morning all .....

What has happened on Friday? Nifty Index, as expected and written, opened on a positive note at 23411.80, our expected opening band 23390-23420, on the opening move it made a day low 23359, further it moved up; made a day high 23956.10 and closed on a positive note at 23907.25 with intra huge gain 557.35 points, i.e., 2.33%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 23975-24000-24050 levels; if open, trade and sustain above 24050 then, the index may re-test 24075-24105-24130-24160-24205-24235-24265 levels. On the other hand, the immediate support lies at 23900-23855 if, the Index moves below 23855 then, it may try to re-visit 23830-23780-23755-23725-23660-23585-23545-23505 levels.

Special Mention: On Friday, Nifty Index unable to continue the sell-off, the strong pull back lifted the index till 23956.10 and closed just near our support levels i.e., 23900. Today, the Nifty index must trade, sustain and closes above 23975-24200 then, it may continue the pull back rally to re-test 24335-24535-24770 levels. On the other hand, the immediate support seen at 23780-23595-23500, further weakness below 23500 then, the Index may try to re-visit 23350-23265-23190 levels in the near term. Let see how the Index opens today near 23975-24000-24050 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a positive note at 50512.80; on the opening move, it made a low 50508.25 thereafter, it moved up, made a high 51271.50 and closed on a positive note at 51135.40 with an intra gain 762.50 points, i.e., 1.49%, today Nifty Bank Index must move and sustain above 51270-51375-51480 levels; if to do so, then it may try to re-test 51590-51700-51805-51915-52050 levels. On the other hand, any weakness near 51270-51375 further, it moves below 51045-50980 then, the Index may re-visit 50800-50690-50600-50510-50425-50300 levels.

Sensex Index: On Friday, Sensex opened on a positive note at 77349.74 on the opening move, it made a day low 77226.69; thereafter, it moved up, made a high 79218.19 and closed on a positive note at 79117.11 with an intra gain 1961.32 points, i.e., 2.48%, today Sensex must move and sustain above 79220-79395-79760 levels; if to do so, then it may try to re-test 79930-80100-80330-80560-80665 levels. On the other hand, any weakness near 79220-79395-79760 further, it moves below 78990-78790 then, the Index may re-visit 78635-78450-78340-78220-78105-77995-77885 levels.

FII's & DII's Funds Flow: On Friday, FIIs continued as a net seller, they sold on the net basis to the tune of Rs.1278.37 Cr. On the other hand, DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.1722.15 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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