27.11.24-Wednesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a flat to positive note at 24343.30, our expected opening band 24220-24265, on the opening move it made a day high 24343.30, further it moved down; made a day low 24125.40 and closed on a negative note at 24194.50 with intra loss 27.40 points, i.e., -0.11%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 24200-24240-24280 levels; if open, trade and sustain above 24280 then, the index may re-test 24320-24350-24390-24410-24445-24475 levels. On the other hand, the immediate support lies at 24175-24125 if, the Index moves below 24125 then, it may try to re-visit 24100-24070-24035-23985-23955-23905 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally above 24351, the intra sell-off dragged till 24125.40 and closed just below 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 24200-24240-24280 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 52554.90; on the opening move, it made a high 52555.50 thereafter, it moved down, made a low 51999.75 and closed on a negative note at 52191.50 with an intra loss 16 points, i.e., -0.03%, today Nifty Bank Index must move and sustain above 52230-52330-52390 levels; if to do so, then it may try to re-test 52490-52555-52700-52890-53095 levels. On the other hand, any weakness near 52230-52330-52390 further, it moves below 52070-52000 then, the Index may re-visit 51850-51745-51620-51585-51500-51335-51210-51170 levels.

Sensex Index: Yesterday, Sensex opened on a positive note at 80415.47 on the opening move, it made a day high 80482.36; thereafter, it moved down, made a low 79798.67 and closed on a negative note at 80004.06 with an intra loss 105.79 points, i.e., -0.13%, today Sensex must move and sustain above 80160-80280 levels; if to do so, then it may try to re-test 80335-80480-80560-80665-80850-81070-81390 levels. On the other hand, any weakness near 80160-80280 further, it moves below 79960-79800 then, the Index may re-visit 79610-79540-79400-79235-79070-78855-78640 levels.

FII's & DII's Funds Flow: Yesterday, FIIs continued as a net buyer, they bought on the net basis to the tune of Rs.1157.70 Cr. On the other hand, DIIs continued as a net seller, they sold on the net basis to the tune of Rs.1910.86 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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