07.09.23-Thursday, 08.30 am 

Good Morning all...

What has happened yesterday? Nifty Index, as expected and written, opened on a flat note at 19581.20, our expected opening band 19570-19585-19605 on opening move, the Index made a day low 19491.50 thereafter; it moved up, made a day high 19636.45 and closed at 19611.05 on a positive note with intra gain 36.15 points, i.e.,0.18%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 19610-19590 levels; if open, trade and sustain above 19610 then, the index may test 19635-19650-19675-19700-19730 levels. On the other hand, the immediate support lies at 19560-19530 if, the Index moves below 19530 then, it may try to re-visit 19515-19490-19455-19430-19405-19390 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally till 19636.45 and closed above 19585 levels; if the Index in the near term moves and closes above 19645 levels, then it may re-test 19795-19865-20000 levels. On the other hand, the strong support lies at 19390-19225 if the Index moves and closes below 19225, then the Index may try to re-visit 19065-18885 levels in the near term. Let see how the Index opens today at 19610-19590 levels. The Intra volatility may be in high note due to today's Nifty weekly option expiry and tomorrow's week-end factor.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened on a positive note at 44494.65 on the opening move, it made a day high 44577 thereafter, it moved  down, made a day low 44207.25 and closed on a negative note at 44409.10 with an intra loss 123.05 points, i.e., -0.28%, today the Nifty Bank Index must move above 44470-44525 levels; if to do so, then it may try to test 44575-44625-44675-44730-44780-44820 levels. On the other hand, any weakness near 44470-44525 further, it moves below 44355-44300 then, the Index may re-visit 44250-44200-44215-44140-44105-44055-43945 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 Aug'23 released on 05th Aug'23, it  moved down to 60.01% from 62.30% (Jul'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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