14.09.23-Thursday, 08.30 am 

Good Morning all...

What has happened yesterday? Nifty Index, as expected and written, opened on a flat note at 19989.50, our expected opening band 20010-20020-20040 on opening move, the Index made a day low 19944.10 thereafter; it moved up, made a day high 20096.90 and closed at 20070 on a positive note with intra gain 76.80 points, i.e.,0.38%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 20095-20110-20135 levels; if open, trade and sustain above 20135 then, the index may test 20165-20200-20220-20240-20265 levels. On the other hand, the immediate support lies at 20050-20010 if, the Index moves below 20010 then, it may try to re-visit 19990-19960-19945-19925-19900-19865 levels.

Special Mention: Yesterday, Nifty Index unable to continue the northward rally beyond 20110, made an inside day pattern i.e., not broken the previous day high or low point and closed above 20k for the first time, if the Index closes for two more consecutive trading sessions, then it may re-test 20200-20375-20465 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 20095-20110-20135 levels. The Intra volatility may be in high note due to  today's option weekly expiry and tomorrow's week-end factor.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened on a negative note at 45449.85 on the opening move, it made a day low 45299.40 thereafter, it moved up, made a day high 45990.50 and closed on a positive note at 45909.45 with an intra gain 398.10 points, i.e.,0.87%, today the Nifty Bank Index must move above 45990-46050 levels; if to do so, then it may try to test 46120-46180-46250-46335-46380 levels. On the other hand, any weakness near 45990-46050 further, it moves below 45845-45790 then, the Index may re-visit 45725-45645-45580-45460-45380-45300 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 Jul'23 released on 12th Sep'23-Tuesday, the data shows that, the Industrial production has moved up to 5.70% when compared to the Jun'23, it stood at 3.70%. 

Annual Inflation data for Aug'23 releasd on 12th Sep'23-Tuesday, it shows that the Inflation has come down to 6.83% from Jul'23 level i.e., 7.44%.

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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