26.09.23-Tuesday, 08.30 am 

Good Morning all...

What has happened yesterday? Nifty Index, as expected and written opened on a flat note at 19678.20, our expected opening band 19660-19620; on opening move, the Index made a day low 19601.55 thereafter; it moved up, made a day high 19734.15 and closed at 19674.55 on a flat to positive note with intra gain 0.30 points, i.e.,0.00%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note near 19650-19635-19605 levels; if open, trade and sustain above 19650 then, the index may test 19675-19705-19735-19775-19795-19820-19845 levels. On the other hand, the immediate support lies at 19605-19585-19565 if, the Index moves below 19565 then, it may try to re-visit 19535-19495-19460-19425-19390-19340 levels.

Special Mention: Yesterday, Nifty Index continued the downward move, made a low 19601 and closed above the threshold support levels i.e., 19605. 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 19605-19585-19490, 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 19650-19635-19605 levels. We can expect a technical pull back for 2-3 trading sessions till 19850 levels; subject to the Index not breaks and closes below 19600-19585 levels, since the trend line support also lies at the support band i.e, 19600-19585, aviod aggressive short positions and trade with due caution.

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 44615; on the opening move, it made a day low 44400.90 thereafter, it moved up, made a day high 44936.55 and closed on a positive note at 44766.10 with an intra gain 154.05 points, i.e.,0.35%, today the Nifty Bank Index must move above 44780-44865 levels; if to do so, then it may try to test 44940-45000-45080-45120-45175 levels. On the other hand, any weakness near 44780-44865 further, it moves below 44665-44585 then, the Index may re-visit 44525-44465-44400-44310-44255-44210 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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