04.10.23-Wednesday, 08.30 am 

Good Morning all...

What has happened yesterday? Nifty Index, as expected and written opened on a negative note at 19622.40; our expected opening band 19595-19560; on opening move, the Index made a day high 19623.20 thereafter; it moved down, made a day low 19479.65 and closed at 19528.75 on a negative note with an intra loss 109.55 points, i.e.,-0.56%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note near 19505-19490-19460 levels; if open, trade and sustain above 19505 then, the index may test 19535-19550-19580-19605-19625-19660 levels. On the other hand, the immediate support lies at 19460-19440 if, the Index moves below 19440 then, it may try to re-visit 19415-19390-19340-19310-19260-19225 levels.

Special Mention: Yesterday, Nifty Index continued the downward move below 19490, made a low 19479 and closed well below 19605 levels. In the near term, if the Index moves above 19725-19850, then it may test 19990-20200 levels. On the other hand, the strong support lies at 19480-19455, 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 19505-19490-19460 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 44561.50; on the opening move, it made a day high 44566.30 thereafter, it moved down, made a day low 44243.10 and closed on a negative note at 44399.05 with an intra loss 185.50 points, i.e.,-0.42%, today the Nifty Bank Index must move above 44435-44495 levels; if to do so, then it may try to test 44530-44570-44650-44690-44755-44855 levels. On the other hand, any weakness near 44435-44495 further, it moves below 44365-44280 then, the Index may re-visit 44245-44185-44120-43985-43920-43860 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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