29.11.24-Friday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a flat note at 24274.15, our expected opening band 24255-24275, on the opening move it made a day high 24345.75, further it moved down; made a day low 23873.35 and closed on a negative note at 23914.15 with intra loss 360.75 points, i.e., -1.51%.

What will happen today? 

Nifty Index: Today, Nifty Index may open near 23875-23930-23985 levels; if open, trade and sustain above 23985 then, the index may re-test 24005-24035-24055-24075-24125-24175-24205-24245-24275-24305-24355 levels. On the other hand, the immediate support lies at 23840-23810 if, the Index moves below 23810 then, it may try to re-visit 23780-23745-23680-23640-23600 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally beyond 24354.55, the intra sell-off dragged the index till 23873.35 and closed below our threshold support levels i.e., 24035. Today, the Nifty index must trade, sustain and closes above 24035-24355 then, it may continue the pull back rally to re-test 24535-24770 levels. On the other hand, the immediate support seen at 23750-23630, 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 23875-23930-23985 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 52389.05; on the opening move, it made a high 52515.88 thereafter, it moved down, made a low 51782.90 and closed on a negative note at 51906.85 with an intra loss 394.95 points, i.e., -0.76%, today Nifty Bank Index must move and sustain above 52010-52115 levels; if to do so, then it may try to re-test 52270-52385-52475-52550-52650-52760-52900-53030 levels. On the other hand, any weakness near 52010-52115 further, it moves below 51780-51625 then, the Index may re-visit 51515-51450-51275-51100-50920 levels.

Sensex Index: Yesterday, Sensex opened on a positive note at 80281.65, on the opening move, it made a day high 80447.40; thereafter, it moved down, made a low 78918.92 and closed on a negative note at 79043.74 with an intra loss 1190.34 points, i.e., -1.51%, today Sensex must move and sustain above 79560-79685 levels; if to do so, then it may try to re-test 79860-80000-80120-80270-80445-80650-80860 levels. On the other hand, any weakness near 79560-79685 further, it moves below 79280-79100 then, the Index may re-visit 78920-78710-78500-78420-78205 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a net seller, they sold on the net basis to the tune of Rs.11756.25 Cr. On the other hand, DIIs continued as a net buyer, they sold on the net basis to the tune of Rs.8718.30 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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