10.10.23-Tuesday, 08.30 am 

Good Morning all...

What has happened yesterday? Nifty Index, as expected and written opened on a negative note at 19539.45; our expected opening band 19640-19620-19590; on opening move, the Index made a day low 19480.50 thereafter; it moved up, made a day high 19588.95 and closed at 19512.35 on a negative note with an intra loss 141.15 points, i.e.,-0.72%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 19555-19590-19615 levels; if open, trade and sustain above 19615 then, the index may test 19635-19655-19675-19700-19725-19740-19765-19780 levels. On the other hand, the immediate support lies at 19540-19505 if, the Index moves below 19505 then, it may try to re-visit 19480-19465-19450-19415-19375-19335 levels.

Special Mention: Yesterday, Nifty Index unable to continue the bounce back rally, further moved down till 19480 and closed well below 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 19455-19335, if the Index moves and closes below 19335 then the Index may try to re-visit 19225-18950-18885 levels in the near term. Let see how the Index opens today at 19555-19590-19615 levels. The Intra volatility may be in high note due to geo-political tension and Crude oil price is also soaring, trade with due caution is my advice at this juncture.

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 44057.80; on the opening move, it made a day low 43796.75 thereafter, it moved up, made a day high 44113.20 and closed on a negative note at 43886.50 with an intra loss 474.10 points, i.e.,-1.07%, today the Nifty Bank Index must move above 43965-44045 levels; if to do so, then it may try to test 44115-44200-44255-44315-44425-44500 levels. On the other hand, any weakness near 43965-44045 further, it moves below 43915-44860 then, the Index may re-visit 43795-43690-43600-43520 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 06th Oct'23-Friday,  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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