12.09.23-Tuesday, 08.30 am 

Good Morning all...

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 19890, our expected opening band 19825-19865 on opening move, the Index made a day low 19865.35 thereafter; it moved up, made a day high 20008.15 and closed at 19996.35 on a positive note with intra gain 176.40 points, i.e.,0.89%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 20010-20045 levels; if open, trade and sustain above 20045 then, the index may test 20070-20095-20120-20150 levels. On the other hand, the immediate support lies at 19965-19930 if, the Index moves below 19930 then, it may try to re-visit 19900-19865-19840-19825-19795 levels.

Special Mention: Yesterday, Nifty Index continued the Northward rally till the psychological barrier i.e.,  20k, made a high 20008.15 and closed above 19992 levels; if the Index in the near term moves and closes above 20k levels for three consecutive trading sessions, then it may re-test 20200-20375 levels. On the other hand, the strong support lies at 19760-19585 if the Index moves and closes below 19585 then the Index may try to re-visit 19450-19390-19225 levels in the near term. Let see how the Index opens today at 20010-20045 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index, opened on a positive note at 45340.80 on the opening move, it made a day low 45231.30 thereafter, it moved  up, made a day high 45636.20 and closed on a positive note at 45570.70 with an intra gain 414.30 points, i.e., 0.92%, today the Nifty Bank Index must move above 45635-45745 levels; if to do so, then it may try to test 45780-45850-45925-45990-46050-46095 levels. On the other hand, any weakness near 45635-45745 further, it moves below 45515-45430 then, the Index may re-visit 45390-45325-45280-45230-45120 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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