30.09.24-Monday, 08.50 am 

Good Morning all .....

What has happened on Friday? Nifty Index, as expected and written, opened on a positive note at 26248.25, our expected opening band 26220-26250, on the opening move it made a day high 26277.35, further it moved down; made a day low 26151.90 and closed on a negative note at 26178.95 with intra loss 35.10 points, i.e., -0.13%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note near 26150-26110-26090 levels; if open, trade and sustain above 26150 then, the index may test 26200-26230-26250-26275-26310-26340-26375-26405 levels. On the other hand, the immediate support lies at 26060-26035 if, the Index moves below 26035 then, it may try to re-visit 26010-25985-25945-25900-25870 levels.

Special Mention: On Friday, Nifty Index continued the northward rally beyond the recent all time high i.e., 26250.90, made a fresh all time high 26277.35 and closed well above our support levels i.e., 26100 levels. Today, the Nifty index must trade, sustain and closes above 26270 then, it may continue the nothward rally to test 26425-26585 levels. On the other hand, the immediate support seen at 26010-25870, further weakness below 25870 then, the Index may try to re-visit 25515-25230 levels in the near term. Let see how the Index opens today near 26150-26110-26090 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a negative note at 54338.70; on the opening move, it made a day high 54338.70 thereafter, it moved down, made a day low 53763.20 and closed on a negative note at 53834.30 with an intra loss 541.052 points, i.e., -1.01%, today Nifty Bank Index must move and trade above 53970-54050 levels; if to do so, then it may try to test 54170-54275-54330-54495 levels. On the other hand, any weakness near 53970-54050 further, it moves below 53765-53605 then, the Index may re-visit 53445-53310-53175-53040-52870-52700 levels.

Sensex Index: On Friiday, Sensex opened on a positive note at 85893.94; on the opening move, it made a day high 85978.25; thereafter, it moved down, made a day low 85571.85 and closed on a negative note at 85571.85 with an intra loss 264.27 points, i.e., -0.31%, today Sensex must move and trade above 85740-85830 levels; if to do so, then it may try to test 85980-86115-86340-86485-86600-86800 levels. On the other hand, any weakness near 85740-861555 further, it moves below 85475-85370 then, the Index may re-visit 85230-85060-84910-84765-84535-84340 levels.

FII's & DII's Funds Flow: On Friday, FIIs turned as a net seller, they sold on the net basis to the tune of Rs.1209.10 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.6886.65 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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