25.09.23-Monday, 08.30 am 

Good Morning all...

What has happened on Friday? Nifty Index, opened on a negative note at 19744.85; on opening move, the Index made a day high 19798.65 thereafter; it moved down, made a day low 19657.50 and closed at 19674.25 on a negative note with intra loss 68.10 points, i.e.,-0.34%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 19660-19620 levels; if open, trade and sustain above 19660 then, the index may test 19690-19710-19725-19745-19760-19795-19835-19850 levels. On the other hand, the immediate support lies at 19605-19585 if, the Index moves below 19585 then, it may try to re-visit 19555-19535-19495-19460-19425-19390 levels.

Special Mention: On Friday, Nifty Index continued the downward rally below 19700, made a low 19657 and closed just below the threshold support levels i.e., 19723. In the near term, if the Index moves above 19850-19990, then it may test 20200-20375 levels. On the other hand, the strong support lies at 19585-19490, if the Index moves and closes below 19490 then the Index may try to re-visit 19340-19225 levels in the near term. Let see how the Index opens today at 19660-19620 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a positive note at 44707.35; on the opening move, it made a day high 44996.75 thereafter, it moved down, made a day low 44548.90 and closed on a negative note at 44612.05 with an intra loss 11.80 points, i.e.,-0.03%, today the Nifty Bank Index must move above 44655-44720 levels; if to do so, then it may try to test 44865-44945-45000-45065-45120-45195 levels. On the other hand, any weakness near 44655-44720 further, it moves below 44550-44430 then, the Index may re-visit 44365-44290-44210-44130 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.

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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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