03.11.23-Friday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note with gap up at 19120, our expected opening band 19035-19060-19095 on opening move, the Index made a day high 19175.25 thereafter; it moved down, made a day low 19064.15 and closed at 19133.25 on a positive note with an intra gain 144.10 points, i.e.,0.76%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note with gap up by tracking the global indices near 19175-19205-19230 levels; if open, trade and sustain above 19230 then, the index may re-test 19255-19285-19305-19330-19365-19400 levels. On the other hand, the immediate support lies at 19150-19120 if, the Index moves below 19120 then, it may try to re-visit 19100-19080-19055-19035-19005-18975 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally, made a high 19175 and closed well above 19115 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 19175-19205-19230 levels.  

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 43018.70; on the opening move, it made a day high 43271.50 thereafter, it moved down, made a day low 42796.45 and closed on a positive note at 43017.20 with an intra gain 316.25 points, i.e.0.74%, today the Nifty Bank Index must move above 43085-43135-43215 levels; if to do so, then it may try to re-test 43270-43355-43400-43460-43545 levels. On the other hand, any weakness near 43085-43135-43215 further, it moves below 42975-42895 then, the Index may re-visit 42795-42765-42675-42590-42515 levels.

FII's & DII's Funds Flow: Yesterday, FIIs continued their selling spree, they sold on the net basis to the tune of Rs.1261.19 Cr. On other hand, the DIIs continued their buying mode, they bought on the net basis to the tune of Rs.1380.15 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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