03.10.23-Tuesday, 08.30 am 

Good Morning all...

What has happened on Friday? Nifty Index, as expected and written opened on a positive note at 19581.20; our expected opening band 19490-19525-19560; on opening move, the Index made a day low 19551.05 thereafter; it moved up, made a day high 19726.25 and closed at 19638.30 on a positive note with an intra gain 114.75 points, i.e.0.59%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note near 19595-19560 levels; if open, trade and sustain above 19595 then, the index may test 19620-19660-19675-19690-19725-19765 levels. On the other hand, the immediate support lies at 19550-19525 if, the Index moves below 19525 then, it may try to re-visit 19490-19460-19390-19340-19310-19260-19225 levels.

Special Mention: On Friday, Nifty Index unable to continue the upward move beyond 19766, made an inside day pattern i.e., not broken the previous day high or low and closed above 19605 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 19595-19560 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a positive note at 44445.35; on the opening move, it made a day low 44344.90 thereafter, it moved up, made a day high 44755.05 and closed on a positive note at 44584.55 with an intra gain 283.60 points, i.e.,0.64%, today the Nifty Bank Index must move above 44635-44705 levels; if to do so, then it may try to test 44755-44860-44930-44995 levels. On the other hand, any weakness near 44635-44705 further, it moves below 44540-44500-44440 then, the Index may re-visit 44345-44250-44185-44120-43985 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%. Next RBI MPC interest rate decision will be announced on 06th Oct-Friday. 

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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