02.12.24-Monday, 08.50 am 

Good Morning all .....

What has happened on Friday? Nifty Index, as expected and written, opened on a flat note at 23927.15, our expected opening band 23875-23930, on the opening move it made a day low 23927.15, further it moved up; made a day high 24188.15 and closed on a positive note at 24131.10 with intra gain 216.95 points, i.e., 0.90%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on flat note near 24110-24155-24185 levels; if open, trade and sustain above 24185 then, the index may re-test 24210-24260-24295-24320-24355-24390 levels. On the other hand, the immediate support lies at 24095-24055 if, the Index moves below 24055 then, it may try to re-visit 24020-23985-23955-23930-23900-23875 levels.

Special Mention: On Friday, Nifty Index traded on a range bound move, made an inside day pattern i.e., not broken the previous day high or low levels and closed above our threshold support levels i.e., 24035. Today, the Nifty index must trade, sustain and closes above 24185-24355 then, it may continue the pull back rally to re-test 24535-24770 levels. On the other hand, the immediate support seen at 23810-23750-23630, 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 24110-24155-24185 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a positive note at 51984.15; on the opening move, it made a high 52170.90 thereafter, it moved down, made a low 51759.45 and closed on a positive note at 52055.60 with an intra gain 148.75 points, i.e., 0.29%, today Nifty Bank Index must move and sustain above 52120-52170 levels; if to do so, then it may try to re-test 52280-52375-52465-52545-52650-52760 levels. On the other hand, any weakness near 52120-52170 further, it moves below 51965-51915 then, the Index may re-visit 51855-51760-51650-51555-51450-51270 levels.

Sensex Index: On Friday, Sensex opened on a negative note at 79032.99, on the opening move, it made a day low 79026.18; thereafter, it moved up, made a high 79923.90 and closed on a positive note at 79802.79 with an intra gain 759.05 points, i.e., 0.95%, today Sensex must move and sustain above 79925-80170 levels; if to do so, then it may try to re-test 80265-80310-80445-80560-80860 levels. On the other hand, any weakness near 79925-80170 further, it moves below 79670-79475 then, the Index may re-visit 79370-79235-79130-79025-78920-78780-78685 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.4383.55 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.5723.34 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%. Next, RBI MPC policy meet will be held on 06th Dec'24-Friday.

GDP data for the Q2 ending Sep'24 released on 29th Nov'24-Friday, the GDP has moved down to 5.40% Vs.6.70% (Q1-Jun'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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