19.10.23-Thursday, 08.30 am 

Good Morning all...

What has happened yesterday? Nifty Index, as expected and written opened on a flat note at 19820.45, our expected opening band 19805-19775; on opening move, the Index made a day high 19840.95 thereafter; it moved down, made a day low 19659.95 and closed at 19671.30 on a negative note with an intra loss 140.20 points, i.e.,-0.71%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note with gap down by tracking the global indices near 19635-19610-19570 levels; if open, trade and sustain above 19635 then, the index may re-test 19660-19680-19705-19730-19755-19785-19805-19845 levels. On the other hand, the immediate support lies at 19570-19525 if, the Index moves below 19525 then, it may try to re-visit 19480-19455-19425-19390-19370-19335 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally above our threshold resistance levels i.e., 19850, further the sell-off dragged the index till 19659.95 and closed below 19800 levels. In the near term, if the Index moves and closes above 19850-19885, then it may re-test 19990-20200 levels. On the other hand, the strong support lies at 19570-19480, 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 19635-19610-19570 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 44404.20; on the opening move, it made a day high 44412.50 thereafter, it moved down, made a day low 43861.45 and closed on a negative note at 43888.70 with an intra loss 520.80 points, i.e.,-1.17%, today the Nifty Bank Index must move above 43970-44070 levels; if to do so, then it may try to re-test 44135-44200-44250-44295-44345-44410-44485-44560 levels. On the other hand, any weakness near 43970-44070 further, it moves below 43860-43795-43710 then, the Index may re-visit 43600-43520-43405-43345 levels.

FII's & DII's Funds Flow: Yesterday, FIIs continued the selling spree, they sold on the net basis to the tune of Rs.1831.84 Cr. On other hand, the DIIs continued their buying mode, they bought on the net basis to the tune of Rs.1469.50 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.

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.