29.09.23-Friday, 08.30 am 

Good Morning all...

What has happened yesterday? Nifty Index, as expexted and written opened on a positive note at 19761.80; our expected opening band 19730-19760; on opening move, the Index made a day high 19766.65 thereafter; it moved down, made a day low 19492.10 and closed at 19523.55 on a negative note with intra loss 192.90 points, i.e.,-0.98%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 19490-19525-19560 levels; if open, trade and sustain above 19560 then, the index may test 19595-19630-19665-19685-19710-19735-19770-19810 levels. On the other hand, the immediate support lies at 19490-19455 if, the Index moves below 19455 then, it may try to re-visit 19420-19390-19345-19310-19260-19225 levels.

Special Mention: Yesterday, Nifty Index moved up for a breif rally till 19766 but unable to continue the upmove, the sell-off once again dragged the Index till 19492 and closed very well below 19585 levels. In the near term, if the Index moves above 19766-19850-19990, then it may test 20200-20375 levels. On the other hand, the strong support lies at 19490-19455, if the Index moves and closes below 19455 then the Index may try to re-visit 19340-19225 levels in the near term. Let see how the Index opens today at 19490-19525-19560 levels.  Today, the intra volatility may be in high note due to long week-end factor.

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 44700.35; on the opening move, it made a day high 44756.80 thereafter, it moved down, made a day low 44248.20 and closed on a negative note at 44300.95 with an intra loss 287.35 points, i.e.,-0.64%, today the Nifty Bank Index must move above 44430-44560 levels; if to do so, then it may try to test 44605-44650-44700-44755-44820-44900-44995 levels. On the other hand, any weakness near 44430-44560 further, it moves below 44250-44185 then, the Index may re-visit 44110-44050-43985-43910-43830 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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