04.09.23-Monday, 08.30 am 

Good Morning all...

What has happened on Friday? Nifty Index, as expected and written, opened on a flat note at 19258.15, our expected opening band 19260-19225 on opening move, the Index made a day low 19255.70 thereafter; it moved up, made a day high 19458.55 and closed at 19435.30 on a positive note with intra gain 181.50 points, i.e.,0.94%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive near 19460-19510 levels; if open, trade and sustain above 19510 then, the index may test 19545-19565-19585-19610-19645 levels. On the other hand, the immediate support lies at 19420-19400 if, the Index moves below 19400 then, it may try to re-visit 19380-19355-19335-19305-19280-19255 levels.

Special Mention: On Friday, Nifty Index continued the pull back rally till 19458 and closed well above 19405 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 19460-19510 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index, opened on a positive note at 43996.10 on the opening move, it made a day low 43830.75 thereafter, it moved  up, made a day high 44568.55 and closed on a positive note at 44436.10 with an intra gain 446.95 points, i.e., 1.02%, today the Nifty Bank Index must move above 44485-44570 levels; if to do so, then it may try to test 44710-44780-44820-44950 levels. On the other hand, any weakness near 44485-44570 further, it moves below 44410-44350 then, the Index may re-visit 44200-44130-44010-43920-43830 levels.

INDIA's Macro Data:

On 01st Sep'23, the S&P Global Manufacturing PMI data for the month of Aug'23 released, it moved up to 58.60% from 57.70% (Jul'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.

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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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