11.09.23-Monday, 08.30 am 

Good Morning all...

What has happened on Friday? Nifty Index, as expected and written, opened on a positive note at 19774.80, our expected opening band 19735-19765 on opening move, the Index made a day low 19727.05 thereafter; it moved up, made a day high 19867.15 and closed at 19819.95 on a positive note with intra gain 92.90 points, i.e.,0.47%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 19825-19865 levels; if open, trade and sustain above 19865 then, the index may test 19885-19905-19930-19955-19991 levels. On the other hand, the immediate support lies at 19795-19755 if, the Index moves below 19755 then, it may try to re-visit 19725-19700-19680-19645-19610-19580 levels.

Special Mention: On Friday, Nifty Index continued the pull back rally till 19867 and closed above 19765 levels; if the Index in the near term moves and closes above 19865 levels, then it may re-test 20000-20200 levels. On the other hand, the strong support lies at 19585-19450 if the Index moves and closes below 19450 then the Index may try to re-visit 19390-19225-19065 levels in the near term. Let see how the Index opens today at 19825-19865 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index, opened on a positive note at 44953.65 on the opening move, it made a day low 44812.15 thereafter, it moved  up, made a day high 45383.35 and closed on a positive note at 45156.40 with an intra gain 278.05 points, i.e., 0.62%, today the Nifty Bank Index must move above 45215-45320 levels; if to do so, then it may try to test 45385-45435-45560-45665-45775 levels. On the other hand, any weakness near 45215-45320 further, it moves below 45075-44945 then, the Index may re-visit 44815-44745-44660-44575-44475-44410-44340 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.

Research Analyst Disclaimer: Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.