27.09.23-Wednesday, 08.30 am 

Good Morning all...

What has happened yesterday? Nifty Index, contrary to our expectation opened on a flat to positive note at 19682.80; our expected opening band 19650-19635-19605; on opening move, the Index made a day high 19699.35 thereafter; it moved down, made a day low 19637.45 and closed at 19664.70  on a flat to negative note with intra loss 9.85 points, i.e.,-0.05%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 19685-19660-19635 levels; if open, trade and sustain above 19685 then, the index may test 19695-19715-19735-19775-19795-19820-19845 levels. On the other hand, the immediate support lies at 19620-19600 if, the Index moves below 19600 then, it may try to re-visit 19585-19560-19535-19495-19460-19425-19390 levels.

Special Mention: Yesterday, Nifty Index traded on sideways move and made an inside day pattern i.e., not broken the previous day high or low point, further closed above 19660 levels. In the near term, if the Index moves above 19735-19850-19990, then it may test 20200-20375 levels. On the other hand, the strong support lies at 19600-19585, if the Index moves and closes below 19585 then the Index may try to re-visit 19495-19340-19225 levels in the near term. Let see how the Index opens today at 19685-19660-19635 levels. We can expect a technical pull back for 2-3 trading sessions at any time 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. Today, the intra volatility may be in high note due to tomorrow's F&O expiry.

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 44722.50; on the opening move, it made a day high 44773.80 thereafter, it moved down, made a day low 44532.45 and closed on a negative note at 44624.20 with an intra loss 141.90 points, i.e.,-0.32%, today the Nifty Bank Index must move above 44685-44775 levels; if to do so, then it may try to test 44840-44945-45020-45080-45120-45175 levels. On the other hand, any weakness near 44685-44775 further, it moves below 44685-44625 then, the Index may re-visit 44590-44530-44465-44400-44310-44255-44210 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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