09.11.23-Thursday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a flat to positive note at 19449.60, our expected opening band 19445-19465 on opening move, the Index made a day low 19401.50 thereafter; it moved up, made a day high 19464.40 and closed at 19443.50 on a positive note with an intra gain 36.80 points, i.e.,0.19%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 19445-19465 levels; if open, trade and sustain above 19465 then, the index may re-test 19480-19505-19530-19555-19585-19610-19635 levels. On the other hand, the immediate support lies at 19400-19385 if, the Index moves below 19385 then, it may try to re-visit 19360-19320-19295-19275-19235-19210 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally beyond 19423, made a high 19464 and closed well above our threshold resistance levels i.e., 19335-19365. In the near term, if the Index moves and closes above 19450-19550, then it may re-test 19630-19850-19925 levels. On the other hand, the strong support now lies at 19095-18975, if the Index moves and closes below 18975 then, the Index may try to re-visit 18840-18650-18525 levels in the near term. Let see how the Index opens today at 19445-19465 levels.  

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 43791.80; on the opening move, it made a day high 43797.55 thereafter, it moved down, made a day low 43547.75 and closed on a negative note at 43658.65 with an intra loss 79.25 points, i.e., -0.18%, today the Nifty Bank Index must move above 43700-43795 levels; if to do so, then it may try to re-test 43865-43945-44050-44150-44280-44410 levels. On the other hand, any weakness near 43700-43795 further, it moves below 43640-43550 then, the Index may re-visit 43480-43405-43345-43285-43240-43180-43145 levels.

FII's & DII's Funds Flow: Yesterday, FIIs continued their selling spree, they sold marginally on the net basis to the tune of Rs.84.55 Cr. On other hand, the DIIs continued their buying mode, they bought on the net basis to the tune of Rs.524.47 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.

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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