13.10.23-Friday, 08.30 am 

Good Morning all...

What has happened yesterday? Nifty Index, as expected and written opened on a positive note at 19822.70, our expected opening band 19840-19860; on opening move, the Index made a day high 19843.60 thereafter; it moved down, made a day low 19722.65 and closed at 19794 on a negative note with an intra loss 17.35 points, i.e.,-0.09%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note with gap down by tracking the global indices near 19740-19715 levels; if open, trade and sustain above 19740 then, the index may test 19775-19800-19820-19840-19860-19885 levels. On the other hand, the immediate support lies at 19705-19675 if, the Index moves below 19675 then, it may try to re-visit 19660-19640-19620-19595-19565 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally near our threshold resistance levels i.e., 19850, it made a high 19843 and closed just below 19800 levels. In the near term, if the Index moves above 19850-19885, 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 19740-19715 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 44571.55; on the opening move, it made a day high 44693.05 thereafter, it moved down, made a day low 44530.05 and closed on a positive note at 44599.20 with an intra gain 82.30 points, i.e.,0.18%, today the Nifty Bank Index must move above 44690-44710 levels; if to do so, then it may try to test 44755-44790-44830-44905-45050 levels. On the other hand, any weakness near 44690-44710 further, it moves below 44530-44440 then, the Index may re-visit 44360-44330-44255-44145-44080-44015 levels.

FII's & DII's Funds Flow: Yesterday, FIIs continued their selling spree, they sold on the net basis to the tune of Rs.1862.57 Cr. On other hand, the DIIs continue to buy on the net basis to the tune of Rs.1532.08 Cr. 

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 Aug'23 released on 12th Oct'23-Thursday, the data shows that, the Industrial production has moved up to 10.30% when compared to the Jul'23, it stood at 5.70%. 

Annual Inflation data for Sep'23 released on 12th Oct'23-Tuesday, it shows that the Inflation has further come down to 5.02% from Aug'23 level i.e., 6.83%.

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.

Research Analyst Disclaimer: Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.