25.10.23-Wednesday, 08.30 am 

Good Morning all... 

What has happened on Monday? Nifty Index, as expected and written opened on a negative note at 19521.60, our expected opening band 19520-19500; on opening move, the Index made a day high 19556.85 thereafter; it moved down, made a day low 19257.85 and closed at 19281.75 on a negative note with an intra loss 260.90 points, i.e.,-1.34%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 19320-19335-19370 levels; if open, trade and sustain above 19370 then, the index may re-test 19390-19420-19445-19470-19485-19510-19555 levels. On the other hand, the immediate support lies at 19295-19260-19230 if, the Index moves below 19230 then, it may try to re-visit 19195-19160-19135-19105-19075 levels.

Special Mention: On Monday, Nifty Index witnessed a last hour huge sell-off, made a low point 19257.85 and closed just below our threshold support levels i.e., 19335. 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 19225-19075, if the Index moves and closes below 19075 then, the Index may try to re-visit 18885-18600 levels in the near term. Let see how the Index opens today at 19320-19335-19370 levels. The intra volatility may be in high note due to tomorrow's F&O Expiry.

Nifty Bank Index: On Monday, Nifty Bank Index opened on a positive note at 43822.70; on the opening move, it made a day high 43831.30 thereafter, it moved down, made a day low 43029.45 and closed on a negative note at 43151.20 with an intra loss 571.85 points, i.e.,-1.31%, today the Nifty Bank Index must move above 43240-43335 levels; if to do so, then it may try to re-test 43425-43520-43550-43670-43740-43830 levels. On the other hand, any weakness near 43240-43335 further, it moves below 43125-43030 then, the Index may re-visit 42950-42920-42860-42810-42715-42630-42565 levels.

FII's & DII's Funds Flow: On Monday, FIIs continued the buying mode, they bought on the net basis to the tune of Rs.252.85 Cr. On other hand, the DIIs also continued their buying mode, they bought on the net basis to the tune of Rs.1111.84 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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