06.11.23-Monday, 08.30 am 

Good Morning all... 

What has happened on Friday? Nifty Index, as expected and written, opened on a positive note with gap up at 19241, our expected opening band 19175-19205-19230 on opening move, the Index made a day high 19276.25 thereafter; it moved down, made a day low 19210.90 and closed at 19230.60 on a positive note with an intra gain 97.35 points, i.e.,0.51%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note with gap up by tracking the global indices near 19275-19295-19335 levels; if open, trade and sustain above 19335 then, the index may re-test 19345-19365-19400-19430-19465-19505 levels. On the other hand, the immediate support lies at 19235-19225-19210 if, the Index moves below 19210 then, it may try to re-visit 19190-19150-19095-19065-19055-19040-19005-18975 levels.

Special Mention: On Friday, Nifty Index continued the pull back rally, made a high 19276 and closed just near 19235 levels. In the near term, if the Index moves and closes above 19330-19450, then it may re-test 19550-19630-19850 levels. On the other hand, the strong support now lies at 19095-18840, 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 19275-19295-19335 levels.  

Nifty Bank Index: On Friday, Nifty Bank Index opened on a positive note at 43818.30; on the opening move, it made a day low 43221 thereafter, it moved up, made a day high 43416.10 and closed on a positive note at 43318.25 with an intra gain 301.05 points, i.e.0.70%, today the Nifty Bank Index must move above 43415-43465 levels; if to do so, then it may try to re-test 43550-43630-43715-43830-43945 levels. On the other hand, any weakness near 43415-43465 further, it moves below 42360-43280 then, the Index may re-visit 43220-43165-43100-42995-42910 levels.

FII's & DII's Funds Flow: On Friday, FIIs continued their selling spree, they sold on the net basis marginally to the tune of Rs.12.43 Cr. On other hand, the DIIs continued their buying mode, they bought on the net basis to the tune of Rs.402.69 Cr. 

INDIA's Macro Data:

On 01st Nov'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 Oct'23 released on 03rd Nov'23, it  moved down to 58.40 from 61% (Sep'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.

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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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