28.11.24-Thursday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a flat to positive note at 24204.80, our expected opening band 24200-24240, on the opening move it made a day low 24145.65, further it moved up; made a day high 24354.55 and closed on a positive note at 24274.90 with intra gain 80.40 points, i.e., 0.33%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 24255-24275-24295 levels; if open, trade and sustain above 24295 then, the index may re-test 24320-24355-24390-24410-24445-24475 levels. On the other hand, the immediate support lies at 24225-24195 if, the Index moves below 24195 then, it may try to re-visit 24170-24125-24090-24070-24035-23985-23955-23910 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally till 24354.55 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 24125-24030-23630, further weakness below 23630 then, the Index may try to re-visit 23350-23260-23190 levels in the near term. Let see how the Index opens today near 24255-24275-24295 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 52154.30; on the opening move, it made a low 52019.65 thereafter, it moved up, made a high 52444.35 and closed on a positive note at 52301.80 with an intra gain 110.30 points, i.e., 0.21%, today Nifty Bank Index must move and sustain above 52390-52445 levels; if to do so, then it may try to re-test 52560-52680-52700-52890-53095 levels. On the other hand, any weakness near 52390-52445 further, it moves below 52265-52180 then, the Index may re-visit 52020-51960-51855-51745-51620-51500-51335-51210-51170 levels.

Sensex Index: Yesterday, Sensex opened on a positive note at 80121.03, on the opening move, it made a day low 79844.49; thereafter, it moved up, made a high 80511.15 and closed on a positive note at 80234.08 with an intra gain 230.02 points, i.e., 0.29%, today Sensex must move and sustain above 80315-80370-80435 levels; if to do so, then it may try to re-test 80510-80665-80850-81070-81390 levels. On the other hand, any weakness near 80315-80370-80435 further, it moves below 80195-80100 then, the Index may re-visit 80000-79845-79665-79540-79400-79235-79070 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.7.78 Cr. On the other hand, DIIs turned as a net buyer, they sold on the net basis to the tune of Rs.1301.97 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.

Research Analyst Disclaimer: Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.