01.09.23-Friday, 08.30 am 

Good Morning all...

What has happened yesterday? Nifty Index, as expected and written, opened on a flat to positive note at 19375.55, our expected opening band 19375-19415 on opening move, the Index made a day high 19388.20 thereafter; it moved down, made a day low 19223.65 and closed at 19253.80 on a negative note with intra loss 93.65 points, i.e.,-0.48%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 19260-19225-19190 levels; if open, trade and sustain above 19260 then, the index may test 19290-19325-19340-19370-19390-19430-19450 levels. On the other hand, the immediate support lies at 19190-19150 if, the Index moves below 19150 then, it may try to re-visit 19120-19090-19065-19025 levels.

Special Mention: Yesterday, Nifty Index unable to continue the up move, further the sell-off dragged the index till 19223.65 and closed well below 19340 levels; if the Index in the near term moves and closes above 19450-19585 levels, then it may re-test 19645-19795-19865 levels. On the other hand, the strong support lies at 19250-19190 if the Index moves and closes below 19190, then the Index may try to re-visit 19065-18885 levels in the near term. Let see how the Index opens today at 19260-19225-19190 levels. The intra volatility may be in high note due to today's week-end factor.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened on a positive note at 44265.85 on the opening move, it made a day high 44399.65 thereafter, it moved down, made a day low 43895.05 and closed on a negative note at 43989.15 with an intra loss 243.45 points, i.e., -0.55%, today the Nifty Bank Index must move above 44145-44250 levels; if to do so, then it may try to test 44290-44340-44395-44470-44535 levels. On the other hand, any weakness near 44145-44250 further, it moves below 43955-43895 then, the Index may re-visit 43820-43760-43685-43600-43505-43395 levels.

INDIA's Macro Data:

On 01st Aug'23, the S&P Global Manufacturing PMI data for the month of Jul'23 released, it moved down marginally to 57.70% from 57.80% (Jun'23). Likewise, the S&P Global Services PMI data for the month of Jul'23 released on 02rd Aug'23, it  moved up to 62.30% from 58.50% (Jun'23).

The RBI MPC meet held on 10th Aug'23-Thursday,  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'23 released on 31st Aug'23-Thursday, the GDP moved to 7.80% Vs.6.10% (Q4-Mar'23). 

IIP data for Jun'23 released on 12th Aug'23-Saturday, the data shows that, the Industrial production has moved down to 3.70% when compared to the May'23, it stood at 5.30%. 

Annual Inflation data for Jul'23 releasd on 14th Aug'23-Monday, it shows that the Inflation has gone up to 7.44% from Jun'23 level i.e., 4.87%.

WPI Inflation data for the month of Jul'23 released on 14th Aug'23-Monday, it has further moved up to -1.36% as against the Jun'23 level i.e.,-4.12%.

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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