26.11.24-Tuesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 24253.55, our expected opening band 24000-24050, on the opening move it made a day high 24351.55, further it moved down; made a day low 24135.45 and closed on a positive note at 24221.90 with intra gain 314.65 points, i.e., 1.30%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 24200-24220-24265 levels; if open, trade and sustain above 24265 then, the index may re-test 24290-24325-24350-24390-24415-24445 levels. On the other hand, the immediate support lies at 24185-24160-24135 if, the Index moves below 24135 then, it may try to re-visit 24100-24075-24035-23985-23950 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally lifted the index till 24351.55, the intra sell-off dragged till 24135.45 and closed above our support levels i.e., 24200. Today, the Nifty index must trade, sustain and closes above 24350-24415 then, it may continue the pull back rally to re-test 24535-24770 levels. On the other hand, the immediate support seen at 24030-23600, further weakness below 23600 then, the Index may try to re-visit 23350-23260-23190 levels in the near term. Let see how the Index opens today near 24200-24220-24265 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 52046.35; on the opening move, it made a low 51774.05 thereafter, it moved up, made a high 52331.10 and closed on a positive note at 52207.50 with an intra gain 1072.10 points, i.e., 1.49%, today Nifty Bank Index must move and sustain above 52265-52330 levels; if to do so, then it may try to re-test 52400-52480-52680-52890-53095 levels. On the other hand, any weakness near 52265-52330 further, it moves below 51945-51840 then, the Index may re-visit 51775-51620-51585-51470-51360-51210-51060 levels.

Sensex Index: Yesterday, Sensex opened on a positive note at 80193.47 on the opening move, it made a day high 80473.08; thereafter, it moved down, made a low 79765.99 and closed on a positive note at 80109.85 with an intra gain 992.74 points, i.e., 1.24%, today Sensex must move and sustain above 80220-80320 levels; if to do so, then it may try to re-test 80475-80560-80665-80850-81070-81390 levels. On the other hand, any weakness near 80220-80320 further, it moves below 80035-79930 then, the Index may re-visit 79765-79685-79540-79400-79235-79070-78855-78640 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a net buyer, they bought on the net basis to the tune of Rs.9947.55 Cr. On the other hand, DIIs turned as a net seller, they sold on the net basis to the tune of Rs.6907.97 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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