03.10.24-Thursday, 08.50 am 

Good Morning all .....

What has happened on Tuesday? Nifty Index, contrary to our expectation, opened on a negative note at 25788.45, our expected opening band 25830-25855, on the opening move it made a day high 25907.60; further it moved down; made a day low 25739.20 and closed on a negative note at 25796.90 with intra loss 13.95 points, i.e., -0.05%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note near 25780-25740-25720 levels; if open, trade and sustain above 25780 then, the index may re-test 25820-25855-25880-25905-25950-25985-26010-26040-26070 levels. On the other hand, the immediate support lies at 25695-25665 if, the Index moves below 25665 then, it may try to re-visit 25635-25610-25580-25555-25515-25480-25430 levels.

Special Mention: On Tuesday, Nifty Index continued the sell-off, made a day low 25739.20 and closed just below our support levels i.e., 25830 levels. Today, the Nifty index must trade, sustain and closes above 26010-26120 then, it may continue the pull back rally to re-test 26275-26425 levels. On the other hand, the immediate support seen at 25665-25610-25515, further weakness below 25515 then, the Index may try to re-visit 25430-25335-25230 levels in the near term. Let see how the Index opens today near 25780-25740-25720 levels. 

Nifty Bank Index: On Tuesday, Nifty Bank Index opened on a negative note at 52844; on the opening move, it made a day high 53235.25 thereafter, it moved down, made a day low 52817.60 and closed on a negative note at 52922.60 with an intra loss 55.50 points, i.e., -0.10%, today Nifty Bank Index must move and trade above 52975-52995 levels; if to do so, then it may try to re-test 53110-53235-53350-53445-53545-53640-53735-53835 levels. On the other hand, any weakness near 52975-52995 further, it moves below 52860-52820 then, the Index may re-visit 52705-52500-52340-52290-52035-51780 levels.

Sensex Index: On Tuesday, Sensex opened on a negative note at 84257.17; on the opening move, it made a day high 84648.40; thereafter, it moved down, made a day low 84098.94 and closed on a negative note at 84266.29 with an intra loss 33.49 points, i.e., -0.04%, today Sensex must move and trade above 84350-84485 levels; if to do so, then it may try to re-test 84650-84800-84930-85040-85150-85260-85345-85430 levels. On the other hand, any weakness near 84350-84485 further, it moves below 84140-84095-83950 then, the Index may re-visit 83715-83475-83300-83085-82890-82700 levels.

FII's & DII's Funds Flow: On Tuesday, FIIs continued as a net seller, they sold on the net basis to the tune of Rs.5579.35 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.4609.55 Cr. 

INDIA's Macro Data:-

On 01st Oct'24-Tuesday, the HSBC Manufacturing PMI data for the month of Sep'24 released, it moved down to 56.50% from 57.50% (Aug'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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