02.11.23-Thursday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a flat to negative note at 19064.05, our expected opening band 19080-19055-19040 on opening move, the Index made a day high 19096.05 thereafter; it moved down, made a day low 18973.70 and closed at 18989.15 on a negative note with an intra loss 90.45 points, i.e.,-0.47%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note with gap up near 19035-19060-19095 levels; if open, trade and sustain above 19095 then, the index may re-test 19110-19130-19145-19185-19215-19235-19255-19280 levels. On the other hand, the immediate support lies at 19000-18975 if, the Index moves below 18975 then, it may try to re-visit 18960-18930-18885-18855-18835 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally, rather it moved down, made a day low 18973.70 and closed well below 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 18940-18840, 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 19035-19060-19095 levels.  

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 42694.25; on the opening move, it made a day high 42815.15 thereafter, it moved down, made a day low 42589.65 and closed on a negative note at 42700.95 with an intra loss 145 points, i.e.,-0.34%, today the Nifty Bank Index must move above 42745-42815 levels; if to do so, then it may try to re-test 42875-42990-43090-43150-43215-43285-43355-43460 levels. On the other hand, any weakness near 42745-42815 further, it moves below 42640-42590 then, the Index may re-visit 42490-42400-42325-42250-42150-42035 levels.

FII's & DII's Funds Flow: Yesterday, FIIs continued their selling spree, they sold on the net basis to the tune of Rs.1816.91 Cr. On other hand, the DIIs continued their buying mode, they bought on the net basis to the tune of Rs.1622.05 Cr. 

INDIA's Macro Data:

On 01st Oct'23, the S&P Global Manufacturing PMI data for the month of Oct'23 released, it moved down to 55.50% from 57.50% (Sep'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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