30.10.23-Monday, 08.30 am 

Good Morning all... 

What has happened on Friday? Nifty Index, as expected and written opened on a positive note at 18928.75, our expected opening band 18885-18900-18915; on opening move, the Index made a day low 18926.65 thereafter; it moved up, made a day high 19076.15 and closed at 19047.35on a positive note with an intra gain 190 points, i.e.,1.01%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note near 19015-18980 levels; if open, trade and sustain above 19015 then, the index may re-test 19035-19055-19075-19115-19150-19175-19200-19230 levels. On the other hand, the immediate support lies at 18960-18930 if, the Index moves below 18930 then, it may try to re-visit 18910-18885-18865-18835-18800-18755-18725-18695-18675-18650 levels.

Special Mention: On Friday, Nifty Index took support as expected and written near long term support levels i.e., 200 EMA, which lies near 18850, as stated the pull back rally lifted the index till 19076 and closed above 18885 levels. In the near term, if the Index moves and closes above 19225-19345, then it may re-test 19550-19630-19850 levels. On the other hand, the strong support now lies at 18850-18650, if the Index moves and closes below 18650 then, the Index may try to re-visit 18525-18365-18125 levels in the near term. Let see how the Index opens today at 19015-18980 levels.

Nifty Bank Index: On Friday, Nifty Bank Index opened on a positive note at 42555.60; on the opening move, it made a day low 42482.75 thereafter, it moved up, made a day high 42840.15 and closed on a positive note at 42782 with an intra gain 501.85 points, i.e.,1.19%, today the Nifty Bank Index must move above 42840-42935 levels; if to do so, then it may try to re-test 42970-43070-43170-43250-43325-43395 levels. On the other hand, any weakness near 42840-42935 further, it moves below 42705-42630 then, the Index may re-visit 42565-42480-42385-42330-42280-42190-42105 levels.

FII's & DII's Funds Flow: On Friday, FIIs continued their selling spree, they sold on the net basis to the tune of Rs.1500.13 Cr. On other hand, the DIIs continued their buying mode, they bought on the net basis to the tune of Rs.313.69 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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