03.12.24-Tuesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a flat note at 24140.85, our expected opening band 24110-24155, on the opening move it made a day low 24008.65, further it moved up; made a day high 24301.70 and closed on a positive note at 24276.05 with intra gain 144.95 points, i.e., 0.60%.

What will happen today? 

Nifty Index: Today, Nifty Index may open near 24300-24275-24230 levels; if open, trade and sustain above 24300 then, the index may re-test 24330-24355-24390-24415-24445-24470 levels. On the other hand, the immediate support lies at 24190-24155 if, the Index moves below 24155 then, it may try to re-visit 24120-24075-24045-24005-23985-23955-23930-23900-23875 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally, made a high 24301.70 and closed above our threshold resistance levels i.e., 24260. Today, the Nifty index must trade, sustain and closes above 24300-24355 then, it may continue the pull back rally to re-test 24535-24770 levels. On the other hand, the immediate support seen at 23930-23810-23750, further weakness below 23750 then, the Index may try to re-visit 23630-23350-23260 levels in the near term. Let see how the Index opens today near 24300-24275-24230 levels. Today, watch closely 24355-24415 levels, if Nifty moves and closes above these levels then, strong pull back rally possible till 24535-24770-24950 levels this week. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 52087.65; on the opening move, it made a low 51693.95 thereafter, it moved up, made a high 52197.25 and closed on a positive note at 52109 with an intra gain 53.40 points, i.e., 0.10%, today Nifty Bank Index must move and sustain above 52200-52335 levels; if to do so, then it may try to re-test 52465-52545-52635-52760-52860-52970 levels. On the other hand, any weakness near 52200-52335 further, it moves below 52045-51945 then, the Index may re-visit 51885-51810-51760-51695-51555-51555-51450-51270 levels.

Sensex Index: Yesterday, Sensex opened on a negative note at 79743.87, on the opening move, it made a day low 79308.95; thereafter, it moved up, made a high 80337.82 and closed on a positive note at 80248.08 with an intra gain 445.29 points, i.e., 0.55%, today Sensex must move and sustain above 80335-80560 levels; if to do so, then it may try to re-test 80615-80720-80850-80860-80950 levels. On the other hand, any weakness near 80335-80560 further, it moves below 80100-79950 then, the Index may re-visit 79820-79700-79630-79550-79460-79310-79255-79140-79030 levels.

FII's & DII's Funds Flow: Yesterday, FIIs continued as a net seller, they marginally sold on the net basis to the tune of Rs.238.28 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.3588.66 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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