18.09.23-Monday, 08.30 am 

Good Morning all...

What has happened on Friday? Nifty Index, as expected and written, opened on a positive note at 20156.45, our expected opening band 20130-20165-20200; on opening move, the Index made a day low 20129.70 thereafter; it moved up, made a day high 20222.45 and closed at 20192.35 on a positive note with intra gain 89.25 points, i.e.,0.44%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note near 20170-20130 levels; if open, trade and sustain above 20170 then, the index may test 20195-20220-20245-20260-20285-20315 levels. On the other hand, the immediate support lies at 20110-20095-20045 if, the Index moves below 20045 then, it may try to re-visit 20030-20010-19990-19960-19945-19915 levels.

Special Mention: On Friday, Nifty Index continued the northward rally beyond 20200, made a high 20222 and closed just below the threshold hurdle levels i.e., 20200. In the near term, if the Index moves above 20245-20085, then it may test 20375-20465-20715 levels. On the other hand, the strong support lies at 20045-19990, if the Index moves and closes below 19990 then the Index may try to re-visit 19760-19585-19450 levels in the near term. Let see how the Index opens today at 20170-20130 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index, opened on a positive note at 46122.15 on the opening move, it made a day low 46028.75 thereafter, it moved up, made a day high 46310.40 and closed on a positive note at 46231.50 with an intra gain 230.65 points, i.e.,0.50%, today the Nifty Bank Index must move above 46230-46385 levels; if to do so, then it may try to test 46450-46485-46540-46590-46660 levels. On the other hand, any weakness near 46230-46385 further, it moves below 46140-46030 then, the Index may re-visit 45950-45860-45800-45745-45685 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.

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.