23.10.23-Monday, 08.30 am 

Good Morning all... wishing you and your family a happy Dussehra festival

What has happened on Friday? Nifty Index, as expected and written opened on a negative note with gap down at 19542.15, our expected opening band 19575-19550-19530; on opening move, the Index made a day high 19593.80 thereafter; it moved down, made a day low 19518.70 and closed at 19542.65 on a negative note with an intra loss 82.05 points, i.e.,-0.42%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note near 19520-19500 levels; if open, trade and sustain above 19520 then, the index may re-test 19545-19570-19595-19615-19640-19680 levels. On the other hand, the immediate support lies at 19500-19480-19455 if, the Index moves below 19455 then, it may try to re-visit 19425-19390-19370-19335-19300 levels.

Special Mention: On Friday, Nifty Index made an inside day pattern i.e., not broken the previous day high or low and closed just below our threshold support levels i.e., 19545. In the near term, if the Index moves and closes above 19680-19850, then it may re-test 19990-20200 levels. On the other hand, the strong support lies at 19500-19480-19460, if the Index moves and closes below 19460 then, the Index may try to re-visit 19330-19225 levels in the near term. Let see how the Index opens today at 19520-19500 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a negative note at 43584.25; on the opening move, it made a day high 43877.50 thereafter, it moved down, made a day low 43567.45 and closed on a negative note at 43754.50 with an intra loss 31.45 points, i.e.,-0.07%, today the Nifty Bank Index must move above 43785-43875 levels; if to do so, then it may try to re-test 43960-44015-44075-44195-44250-44290-44370 levels. On the other hand, any weakness near 43785-43875 further, it moves below 43675-43560 then, the Index may re-visit 43485-43420-43345-43300-43190-43090 levels.

FII's & DII's Funds Flow: On Friday, FIIs turned as a net buyer, they bought on the net basis to the tune of Rs.456.21 Cr. On other hand, the DIIs continued their buying mode, they marginally bought on the net basis to the tune of Rs.8.53 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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