26.10.23-Thursday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written opened on a flat to positive note at 19286.45, our expected opening band 19320-19350-19370; on opening move, the Index made a day high 19347.30 thereafter; it moved down, made a day low 19074.15 and closed at 19122.15 on a negative note with an intra loss 159.60 points, i.e.,-0.83%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note likely with gap down by tracking the global indces near 19075-19040-19010 levels; if open, trade and sustain above 19075 then, the index may re-test 19105-19140-19175-19210-19240-19265-19295-19335 levels. On the other hand, the immediate support lies at 19010-18970 if, the Index moves below 18970 then, it may try to re-visit 18945-18925-18900-18885-18860-18830 levels.

Special Mention: Yesterday, Nifty Index continued the sell-off for the fifth consecutive trading sessions and made a low at our support levels i.e., 19075 and closed below our threshold support levels i.e., 19230. In the near term, if the Index moves and closes above 19510-19680, then it may re-test 19850-19990 levels. On the other hand, the strong support lies at 19075-19010-18885, if the Index moves and closes below 18885 then, the Index may try to re-visit 18600-18365 levels in the near term. Let see how the Index opens today at 19075-19040-19010 levels. The intra volatility may be in high note due to today's F&O Expiry and tomorrow's week-end factor. Since, the Index trading at oversold zone, any time we can expect a relief-cum-pull back rally from our support levels i.e., 19075-18885, if it is happens then, the Index may try to re-test 19550-19850 levels.

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 43308.30; on the opening move, it made a day high 43397.45 thereafter, it moved down, made a day low 42758.40 and closed on a negative note at 42832 with an intra loss 319.20 points, i.e.,-0.74%, today the Nifty Bank Index must move above 42910-43000 levels; if to do so, then it may try to re-test 43030-43085-43165-43230-43295-43325-43395 levels. On the other hand, any weakness near 42910-43000 further, it moves below 42760-42600 then, the Index may re-visit 42490-42380-42240-42200-42110-42035 levels.

FII's & DII's Funds Flow: Yesterday, FIIs turned as a net seller, they sold on the net basis to the tune of Rs.4236.60 Cr. On other hand, the DIIs continued their buying mode, they bought on the net basis to the tune of Rs.3569.36 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.

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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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