16.10.23-Monday, 08.30 am 

Good Morning all...

What has happened on Friday? Nifty Index, as expected and written opened on a negative note at 19654.55, our expected opening band 19740-19715; on opening move, the Index made a day low 19635.30 thereafter; it moved up, made a day high 19805.40 and closed at 19751.05 on a negative note with an intra loss 42.95 points, i.e.,-0.22%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 19755-19730-19700 levels; if open, trade and sustain above 19755 then, the index may test 19770-19805-19825-19845-19865-19885 levels. On the other hand, the immediate support lies at 19675-19635 if, the Index moves below 19635 then, it may try to re-visit 19620-19590-19565-19525 levels.

Special Mention: On Friday, Nifty Index unable to continue the pull back rally above our threshold resistance levels i.e., 19850, the intra sell-off dragged the index till 19635 but,  it moved up and closed 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 19755-19730-19700 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a negative note at 44322.05; on the opening move, it made a day high 44563.05 thereafter, it moved down, made a day low 44203.70 and closed on a negative note at 44287.95 with an intra loss 311.25 points, i.e.,-0.70%, today the Nifty Bank Index must move above 44340-44455 levels; if to do so, then it may try to test 44520-44565-44660-44710-44775 levels. On the other hand, any weakness near 44340-44455 further, it moves below 44205-44165 then, the Index may re-visit 44105-44025-43910-43850-43795 levels.

FII's & DII's Funds Flow: On Friday, FIIs turned to be a net buyer, they bought on the net basis to the tune of Rs.317.01 Cr. On other hand, the DIIs also turned to be a net seller, they sold on the net basis to the tune of Rs.102.88 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.

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