18.10.23-Wednesday, 08.30 am 

Good Morning all...

What has happened yesterday? Nifty Index, as expected and written opened on a positive note at 19843.20, our expected opening band 19780-19805; on opening move, the Index made a day high 19849.75 thereafter; it moved down, made a day low 19775.65 and closed at 19811.30 on a positive note with an intra gain 79.55 points, i.e.,0.40%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 19805-19775 levels; if open, trade and sustain above 19805 then, the index may test 19830-19850-19865-19880-19920-19960 levels. On the other hand, the immediate support lies at 19750-19715 if, the Index moves below 19715 then, it may try to re-visit 19690-19660-19635-19620-19590-19565 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally above our threshold resistance levels i.e., 19850, the index traded in a range bound and closed just above 19800 levels. In the near term, if the Index moves and closes above 19850-19885, then it may test 19990-20200 levels. On the other hand, the strong support lies at 19675-19480, if the Index moves and closes below 19480 then, the Index may try to re-visit 19330-19225 levels in the near term. Let see how the Index opens today at 19805-19775 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 44589.80; on the opening move, it made a day high 44589.85 thereafter, it moved down, made a day low 44336.95 and closed on a positive note at 44409.50 with an intra gain 183.60 points, i.e.,0.42%, today the Nifty Bank Index must move above 44445-44515 levels; if to do so, then it may try to test 44590-44660-44710-44775-44890 levels. On the other hand, any weakness near 44445-44515 further, it moves below 44340-44250 then, the Index may re-visit 44175-44110-44045-43960-43905-43850 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a net buyer, they bought on the net basis to the tune of Rs.253.68 Cr. On other hand, the DIIs continued their buying mode, they bought on the net basis to the tune of Rs.112.55 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-Thursday, 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 Sep'23 released on 16th Oct'23-Monday, it has further moved up to -0.26% as against the Sep'23 level i.e.,-0.52%.

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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