27.10.23-Friday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written opened on a negative note at 19027.25, our expected opening band 19075-19040-19010; on opening move, the Index made a day high 19041.70 thereafter; it moved down, made a day low 18837.85 and closed at 18857.25 on a negative note with an intra loss 264.90 points, i.e.,-1.39%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 18885-18900-18915 levels; if open, trade and sustain above 18915 then, the index may re-test 18940-18965-18980-19015-19040-19090-19120-19155 levels. On the other hand, the immediate support lies at 18860-18825 if, the Index moves below 18825 then, it may try to re-visit 18800-18755-18725-18695-18675-18650-18610 levels.

Special Mention: Yesterday, Nifty Index continued the sell-off for the sixth consecutive trading sessions and made a low 18837.85 and closed below our threshold support levels i.e., 18885. In the near term, if the Index moves and closes above 19335-19510, then it may re-test 19630-19850-19990 levels. On the other hand, the strong support now lies at 18800-18650-18600, if the Index moves and closes below 18600 then, the Index may try to re-visit 18525-18365-18125 levels in the near term. Let see how the Index opens today at 18885-18900-18915 levels. The intra volatility may be in high note due to today's week-end factor and Index trading on a highly oversold zone, near long term moving average i.e., 200 EMA lies around 18845 levels, any time we can expect a relief-cum-pull back rally from this support levels, if it is happens then, the Index may try to re-test 19335-19550 levels, in the near term.

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 42708.40; on the opening move, it made a day high 42716.20 thereafter, it moved down, made a day low 42105.40 and closed on a negative note at 42280.15 with an intra loss 551.85 points, i.e.,-1.29%, today the Nifty Bank Index must move above 42335-42375 levels; if to do so, then it may try to re-test 42410-42480-42535-42585-42645-42710-42750-42825 levels. On the other hand, any weakness near 42335-42375 further, it moves below 42250-42190 then, the Index may re-visit 42035-42105-42020-41960-41880-41800 levels.

FII's & DII's Funds Flow: Yesterday, FIIs continued their selling spree, they heavily sold on the net basis to the tune of Rs.7702.53 Cr. On other hand, the DIIs continued their buying mode, they bought on the net basis to the tune of Rs.6558.45 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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