What has happened yesterday? Nifty Index, as expected and written opened on a positive note at 19521.85; our expected opening band 19455-19495; on opening move, the Index made a day high 19576.95 thereafter; it moved down, made a day low 19487.30 and closed at 19545.75 on a positive note with an intra gain 109.65 points, i.e.,0.56%.
What will happen today?
Nifty Index: Today, Nifty Index may open on a positive note near 19575-19600-19620 levels; if open, trade and sustain above 19620 then, the index may test 19640-19675-19705-19740-19765 levels. On the other hand, the immediate support lies at 19550-19520 if, the Index moves below 19520 then, it may try to re-visit 19485-19460-19435-19405-19385 levels.
Special Mention: Yesterday, Nifty Index made an iland reversal, further bounced back till 19576.95 and closed just above 19565 levels. In the near term, if the Index moves above 19675-19850, then it may test 19990-20200 levels. On the other hand, the strong support lies at 19340-19225, if the Index moves and closes below 19225 then the Index may try to re-visit 18950-18885 levels in the near term. Let see how the Index opens today at 19575-19600-19620 levels. Today, the intra volatility may be in high note due to RBI MPC meet outcome and week-end factor.
Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 44181.35; on the opening move, it made a day low 44108.30 thereafter, it moved up, made a day high 44391.85 and closed on a positive note at 44213.35 with an intra gain 249.30 points, i.e.,0.57%, today the Nifty Bank Index must move above 44310-44390 levels; if to do so, then it may try to test 44470-44565-44755-44795-44870-44940 levels. On the other hand, any weakness near 44310-44390 further, it moves below 44185-44105 then, the Index may re-visit 44030-43960-43855-43725-43600 levels.
INDIA's Macro Data:
On 03rd Oct'23, the S&P Global Manufacturing PMI data for the month of Sep'23 released, it moved down to 57.50% from 58.60% (Aug'23). Likewise, the S&P Global Services PMI data for the month of Sep'23 released on 05th Oct'23, it moved up to 61% from 60.10% (Aug'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.
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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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