15.09.23-Friday, 08.30 am 

Good Morning all...

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 20127.95, our expected opening band 20095-20110-20135 on opening move, the Index made a day high 20167.65 thereafter; it moved down, made a day low 20043.45 and closed at 20103.10 on a positive note with intra gain 33.10 points, i.e.,0.16%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 20130-20165-20200 levels; if open, trade and sustain above 20200 then, the index may test 20225-20245-20260-20285-20305 levels. On the other hand, the immediate support lies at 20110-20075 if, the Index moves below 20075 then, it may try to re-visit 20045-20010-19990-19960-19945 levels.

Special Mention: Yesterday, Nifty Index continued the northward rally beyond 20110, made a high 20167 and closed above 20k for the second day, if the Index moves and closes above 20200 in the near term, then it may test 20375-20465-20715 levels. On the other hand, the strong support lies at 19990-19760 if the Index moves and closes below 19760 then the Index may try to re-visit 19585-19450-19225 levels in the near term. Let see how the Index opens today at 20130-20165-20200 levels. The Intra volatility may be in high note due to week-end factor.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened on a positive note at 46013.30 on the opening move, it made a day high 46153.90 thereafter, it moved down, made a day low 45801.50 and closed on a positive note at 45600.85 with an intra gain 91.40 points, i.e.,0.20%, today the Nifty Bank Index must move above 46060-46155 levels; if to do so, then it may try to test 46205-46255-46310-46370-46440 levels. On the other hand, any weakness near 46060-46155 further, it moves below 46015-45975 then, the Index may re-visit 45940-45885-45840-45810-45755-45705 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 Aug'23 released on 14th Sep'23-Thursday, it has further moved up to -0.52% as against the Jul'23 level i.e.,-1.36%.

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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