04.12.24-Wednesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, opened at 24367.50, our expected opening band 24300-24275, on the opening move it made a day low 24280, further it moved up; made a day high 24481.35 and closed on a positive note at 24457.15 with intra gain 181.10 points, i.e., 0.74%.

What will happen today? 

Nifty Index: Today, Nifty Index may open near 24480-24505-24535 levels; if open, trade and sustain above 24535 then, the index may re-test 24560-24590-24620-24650-24680 levels. On the other hand, the immediate support lies at 24455-24435-24415 if, the Index moves below 24415 then, it may try to re-visit 24390-24355-24325-24280-24250-24225 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally beyond our threshold resistance levels i.e., 24355-24415, made a high 24481.35 and closed above 24415. Today, the Nifty index must trade, sustain and closes above 24485-24535 then, it may continue the pull back rally to re-test 24650-24770-24950 levels. On the other hand, the immediate support seen at 24355-24145, further weakness below 24145 then, the Index may try to re-visit 23875-23750-23350 levels in the near term. Let see how the Index opens today near 24480-24505-24535 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 52357.95; on the opening move, it made a low 52216.85 thereafter, it moved up, made a high 52780.90 and closed on a positive note at 52695.75 with an intra gain 586.75 points, i.e., 1.11%, today Nifty Bank Index must move and sustain above 52780-52935 levels; if to do so, then it may try to re-test 53050-53165-53280-53550-53465 levels. On the other hand, any weakness near 52780-52935 further, it moves below 52655-52545 then, the Index may re-visit 52430-52350-52220-52110-51950-51820-51695 levels. Please note, the RBI MPC policy meet is expected on 06th Dec'24-Friday, till then banking stocks may see upward momentum, the Nifty Bank Index may re-test till 53000-53800 levels.

Sensex Index: Yesterday, Sensex opened on a positive note at 80529.20, on the opening move, it made a day low 80244.78; thereafter, it moved up, made a high 80949.10 and closed on a positive note at 80845.75 with an intra gain 597.67 points, i.e., 0.74%, today Sensex must move and sustain above 80950-81140 levels; if to do so, then it may try to re-test 81265-81390-81520-81770 levels. On the other hand, any weakness near 80950-81140 further, it moves below 80780-80515 then, the Index may re-visit 80355-80245-80170-80055-79935 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a net buyer, they bought on the net basis to the tune of Rs.3664.67 Cr. On the other hand, DIIs turned as a net seller, they sold on the net basis to the tune of Rs.250.99 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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