01.10.24-Tuesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a negative note with gap down at 26061.30, our expected opening band 26150-26110-25990, on the opening move it made a day high 26134.70, further it moved down; made a day low 25794.10 and closed on a negative note at 25810.85 with intra loss 368.10 points, i.e., -1.43%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 25830-25855-25875 levels; if open, trade and sustain above 25875 then, the index may re-test 25910-25940-25975-26000-26035-26065-26090-26135-26170 levels. On the other hand, the immediate support lies at 25805-25780-25760 if, the Index moves below 25760 then, it may try to re-visit 25700-25720-25695-25665-25610 levels.

Special Mention: Yesterday, Nifty Index unable to continue the northward rally beyond the recent all time high i.e., 26277.35, the intra sell-off dragged the index till 25794.10 and closed just below our support levels i.e., 25830 levels. Today, the Nifty index must trade, sustain and closes above 26135-26270 then, it may continue the nothward rally to test 26425-26585 levels. On the other hand, the immediate support seen at 25780-25610, further weakness below 25610 then, the Index may try to re-visit 25515-25335-25230 levels in the near term. Let see how the Index opens today near 25830-25855-25875 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 53556.95; on the opening move, it made a day high 53726.40 thereafter, it moved down, made a day low 52926.55 and closed on a negative note at 53978.10 with an intra loss 856.20 points, i.e., -1.62%, today Nifty Bank Index must move and trade above 53090-53230 levels; if to do so, then it may try to re-test 53290-53400-53515-53605-53725-53940-54015-54135 levels. On the other hand, any weakness near 53090-53230 further, it moves below 52925-52710 then, the Index may re-visit 52500-52340-52290-52035-51780 levels.

Sensex Index: Yeseterday, Sensex opened on a negative note at 85208.76; on the opening move, it made a day high 85359.65; thereafter, it moved down, made a day low 84257.14 and closed on a negative note at 84299.78 with an intra loss 1272.07 points, i.e., -1.51%, today Sensex must move and trade above 84460-84670 levels; if to do so, then it may try to re-test 85790-85915-85015-85120-85240-85360-85475-85660 levels. On the other hand, any weakness near 84460-84670 further, it moves below 84255-84145 then, the Index may re-visit 83960-83715-83475-83300 levels.

FII's & DII's Funds Flow: Yesterday, FIIs continued as a net seller, they sold on the net basis to the tune of Rs.9791.93 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.66645.80 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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