28.09.23-Thursday, 08.30 am 

Good Morning all...

What has happened yesterday? Nifty Index, as expexted and written opened on a flat to negative note at 19637.05; our expected opening band 19685-19660-19635; on opening move, the Index made a day low 19554 thereafter; it moved up, made a day high 19730.70 and closed at 19716.45 on a positive note with intra gain 51.75 points, i.e.,0.26%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 19700-19730-19760 levels; if open, trade and sustain above 19760 then, the index may test 19775-19795-19820-19850-19885 levels. On the other hand, the immediate support lies at 19675-19645 if, the Index moves below 19645 then, it may try to re-visit 19620-19600-19585-19555-19535-19505-19490-19460-19425 levels.

Special Mention: Yesterday, Nifty Index continued the sell-off beyond our threshold support levels i.e., 19600-19585, though it  made a day low 19554, the pull back move lifted and closed above 19710 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 19600-19585-19555, if the Index moves and closes below 19555 then the Index may try to re-visit 19495-19340-19225 levels in the near term. Let see how the Index opens today at 19700-19730-19760 levels. As mentioned yesterday, the technical pull back for 1-2 trading sessions possible till 19850-19880 levels; subject to the Index moves above 19735-19780 levels, aviod aggressive short positions and trade with due caution. Today, the intra volatility may be in high note due to F&O expiry and tomorrow's long week-end factor.

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 44465.90; on the opening move, it made a day low 44182.50 thereafter, it moved up, made a day high 44668 and closed on a negative note at 44588.30 with an intra loss 35.90 points, i.e.,-0.08%, today the Nifty Bank Index must move above 44610-44670 levels; if to do so, then it may try to test 44760-44800-44935-45000-45080-45120-45175 levels. On the other hand, any weakness near 44610-44670 further, it moves below 44525-44425 then, the Index may re-visit 44365-44295-44240-44180-44150-44050 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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