11.10.23-Wednesday, 08.30 am 

Good Morning all...

What has happened yesterday? Nifty Index, as expected and written opened on a positive note at 19565.60; our expected opening band 19555-19590-19615; on opening move, the Index made a day low 19565.45 thereafter; it moved up, made a day high 19717.80 and closed at 19689.85 on a positive note with an intra gain 177.50 points, i.e.,0.91%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 19720-19760 levels; if open, trade and sustain above 19760 then, the index may test 19780-19805-19830-19855-19885 levels. On the other hand, the immediate support lies at 19675-19625 if, the Index moves below 19625 then, it may try to re-visit 19610-19565-19545-19525-19500 levels.

Special Mention: Yesterday, Nifty Index continued the bounce back rally till 19717.80 and closed above 19675 levels. In the near term, if the Index moves above 19775-19850, then it may test 19990-20200 levels. On the other hand, the strong support lies at 19480-19335, 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 19720-19760 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 44027.55; on the opening move, it made a day low 44004.55 thereafter, it moved up, made a day high 44487.25 and closed on a positive note at 44360.15 with an intra gain 473.65 points, i.e.,1.08%, today the Nifty Bank Index must move above 44430-44485-44500 levels; if to do so, then it may try to test 44560-44620-44645-44755-44830-44905 levels. On the other hand, any weakness near 44430-44485-44500 further, it moves below 44325-44235 then, the Index may re-visit 44190-44120-44005-43940-43875 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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