01.11.23-Wednesday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, contrary to our expectation, opened on a positive note at 19232.95, our expected opening band 19140-19100; on opening move, the Index made a day high 19233.70 thereafter; it moved down, made a day low 19056.45 and closed at 19079.60 on a negative note with an intra loss 61.30 points, i.e.,-0.32%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 19080-19055-19040 levels; if open, trade and sustain above 19080 then, the index may re-test 19095-19125-19145-19180-19215-19235-19255-19280 levels. On the other hand, the immediate support lies at 19010-18990 if, the Index moves below 18990 then, it may try to re-visit 18960-18930-18885-18855-18835 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally till our threshold resistance levels i.e., 19225, made a high till 19233.70 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 19080-19055-19040 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 43356.85; on the opening move, it made a day high 4335.85 thereafter, it moved down, made a day low 42797.15 and closed on a negative note at 42845.95 with an intra loss 193.20 points, i.e.,-0.45%, today the Nifty Bank Index must move above 42930-43010 levels; if to do so, then it may try to re-test 43085-43145-43190-43235-43295-43355 levels. On the other hand, any weakness near 42930-43010 further, it moves below 42860-42800 then, the Index may re-visit 42730-42645-42585-42490-42390-42325-42250 levels.

FII's & DII's Funds Flow: Yesterday, FIIs continued their selling spree, they sold on the net basis to the tune of Rs.696.02 Cr. On other hand, the DIIs continued their buying mode, they bought on the net basis to the tune of Rs.340.25 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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