23.09.24-Monday, 08.50 am 

Good Morning all .....

What has happened on Friday? Nifty Index, as expected and written, opened on a positive note at 25525.95, our expected opening band 25445-25495, on the opening move it made a day low 25426.60, further it moved up; made a day high 25849.25 and closed on a positive note at 25790.85 with intra gain 375.05 points, i.e., 1.45%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 25850-25885-25915 levels; if open, trade and sustain above 25915 then, the index may test 25940-25965-25995-26035-26070 levels. On the other hand, the immediate support lies at 25800-25770-25725 if, the Index moves below 25725 then, it may try to re-visit 25695-25640-25610-25585-25525-25490 levels.

Special Mention: On Friday, Nifty Index continued the northward rally beyond the recent all time high i.e., 25611.95, made a fresh all time high 25849.25 and closed well above our resistance levels i.e., 25690 levels. Today, the Nifty index must trade, sustain and closes above 25850-25915 then, it may continue the pull back rally to test 25995-26070 levels. On the other hand, the immediate support seen at 25530-25430, further weakness below 25430 then, the Index may try to re-visit 25285-25130-24885 levels in the near term. Let see how the Index opens today near 25850-25885-25915 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a positive note at 53235.80; on the opening move, it made a day low 53037.60 thereafter, it moved up, made a day high 54066.10 and closed on a positive note at 53793.20 with an intra gain 755.60 points, i.e., 1.40%, today Nifty Bank Index must move and trade above 53845-53950-54065 levels; if to do so, then it may try to test 54200-54345-54460-54570-54665-54770 levels. On the other hand, any weakness near 53845-53950-54065 further, it moves below 53760-53550 then, the Index may re-visit 53430-53350-53280-53160-53035 levels.

Sensex Index: On Friday, Sensex opened on a positive note at 83603.04; on the opening move, it made a day low 83187.64; thereafter, it moved up, made a day high 84694.46 and closed on a positive note at 83544.41 with an intra gain 1359.41 points, i.e., 1.61%, today Sensex must move and trade above 84640-84835 levels; if to do so, then it may try to test 85035-85195-85230-85365-85600-85965 levels. On the other hand, any weakness near 84640-84835 further, it moves below 84330-84210 then, the Index may re-visit 84085-83915-83745-83530-83360 levels.

FII's & DII's Funds Flow: On Friday, FIIs turned as a net buyer, they bought on the net basis to the tune of Rs.14064.05 Cr. On the other hand, DIIs turned as a net seller, they sold on the net basis to the tune of Rs.4427.08 Cr. 

INDIA's Macro Data:-

On 02nd  Sep'24, the HSBC Manufacturing PMI data for the month of Aug'24 released, it moved down to 57.50% from 58.10% (Jul'24). Likewise, the HSBC Services PMI data for the month of Aug'24 released on 04th Sep'24, it moved up to 60.90% from 60.30% (Jul'24).

The RBI MPC meet held on 08th Aug'24-Thursday, the MPC maintained status quo in the Repo rate without changing the interest rate i.e., 6.50%. 

GDP data for the Q4 ending Mar'24 released on 31st Mar'24-Friday, the GDP has moved down to 7.80% Vs.8.40% (Q3-Dec'23).

IIP data for Jul'24 released on 12th Sep'24-Thursday, the Industrial production has gone up to 4.80%; when compared to the Jun'24 level, i.e., 4.20%. 

Annual Inflation data for Aug'24 released on 12th Sep'24-Thursday, the inflation has gone up to 3.65% from Jul'24 level i.e., 3.60%.

WPI Inflation data for the month of Aug'24 released on 14th Aug'24-Wednesday, it has come down to 2.04% as against the Jun'24 level i.e.,3.36%.

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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