10.11.23-Friday, 08.30 am 

Good Morning all... 

Wishing you and your family in advance for a Happy Diwali..

What has happened yesterday? Nifty Index, as expected and written, opened on a flat note at 19457.40, our expected opening band 19445-19465 on opening move, the Index made a day high 19463.90 thereafter; it moved down, made a day low 19378.65 and closed at 19406.70 on a negative note with an intra loss 48.20 points, i.e.,-0.25%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note by tracking global indices near 19360-19330 levels; if open, trade and sustain above 19360 then, the index may re-test 19380-19410-19430-19445-19465-19485-19510 levels. On the other hand, the immediate support lies at 19330-19300 if, the Index moves below 19300 then, it may try to re-visit 19275-19250-19220-19190-19160 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally beyond 19464, once again made a high 19463.90 and closed well above our threshold resistance levels i.e., 19335-19365. In the near term, if the Index moves and closes above 19465-19550, then it may re-test 19630-19850-19925 levels. On the other hand, the strong support now lies at 19165-19090, if the Index moves and closes below 19090 then, the Index may try to re-visit 18975-18840 levels in the near term. Let see how the Index opens today at 19360-19330 levels.  

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 43626.10; on the opening move, it made a day low 43542.65 thereafter, it moved up, made a day high 43876.75 and closed on a positive note at 43683.60 with an intra gain 24.95 points, i.e., 0.06%, today the Nifty Bank Index must move above 43780-43875 levels; if to do so, then it may try to re-test 43945-44050-44150-44280-44410 levels. On the other hand, any weakness near 43780-43875 further, it moves below 43655-43545 then, the Index may re-visit 43450-43420-43355-43280-43240-43200-43145-43095 levels.

FII's & DII's Funds Flow: Yesterday, FIIs continued their selling spree, they sold on the net basis to the tune of Rs.1712.33 Cr. On other hand, the DIIs continued their buying mode, they bought on the net basis to the tune of Rs.1512.14 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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