Nifty Analysis for 15th November, 2023

Wall Street rallies as October US core CPI is at 0.23% MoM and missed a huge consensus which was at 0.3-0.4%. This will undo any remaining expectations that Fed will hike again in this cycle. US Treasury 2y, 5y and 10y yields down. Dow, Nasdaq and S&P gain 489, 326 and 84 points. Taking cues from the Wall Street, Asian Markets opened with gap ups and are trading in the green.

Considering the global cues and Govt data released on Monday evening on India's retail inflation which eased to four-month low of 4.87% in October from previous month’s 5.02%, a big gap up is anticipated from Nifty. On upside, 19547, 19577 and 19600 to act as resistance and on the downside, 19420, 19400 and 19380 to act as strong support.

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