31.10.23-Tuesday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, contrary to our expectation, opened on a flat to positive note at 19053.40, our expected opening band 19015-18980; on opening move, the Index made a day low 18940 thereafter; it moved up, made a day high 19158.50 and closed at 19140.90 on a positive note with an intra gain 93.65 points, i.e.,0.49%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 19140-19100 levels; if open, trade and sustain above 19140 then, the index may re-test 19160-19190-19225-19255-19285-19330 levels. On the other hand, the immediate support lies at 19090-19050 if, the Index moves below 19050 then, it may try to re-visit 19035-19020-18990-18940-18925-18885-18835 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally till 19158.50 and closed above 19050 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 19050-18840, if the Index moves and closes below 18840 then, the Index may try to re-visit 18650-18525-18365 levels in the near term. Let see how the Index opens today at 19140-19100 levels. The intra volatility may be in high note due to today's month-end factor.

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 42721.40; on the opening move, it made a day low 42390.50 thereafter, it moved up, made a day high 43312.50 and closed on a positive note at 43039.15 with an intra gain 257.15 points, i.e.,0.60%, today the Nifty Bank Index must move above 43110-43170 levels; if to do so, then it may try to re-test 43250-43310-43395-43460-43545 levels. On the other hand, any weakness near 43110-43170 further, it moves below 42960-42900-42875 then, the Index may re-visit 42815-42750-42665-42610-42560-42490-42390 levels.

FII's & DII's Funds Flow: Yesterday, FIIs continued their selling spree, they sold on the net basis to the tune of Rs.1761.86 Cr. On other hand, the DIIs continued their buying mode, they bought on the net basis to the tune of Rs.1328.47 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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