04.10.24-Friday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a negative note at 25452.85, our expected opening band 25740-25720, on the opening move it made a day high 25639.45; further it moved down; made a day low 25230.30 and closed on a negative note at 25250.10 with intra loss 546.80 points, i.e., -2.17%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 25230-25120 levels; if open, trade and sustain above 25230 then, the index may re-test 25290-25355-25390-25435-25490-25520-25570-25610-25640-25710 levels. On the other hand, the immediate support lies at 25120-25050 if, the Index moves below 25050 then, it may try to re-visit 24995-24940-24885-24735 levels.

Special Mention: Yesterday, Nifty Index continued the sell-off due to geo-political tension, made a day low 25230.30 and closed just below our support levels i.e., 25285 levels. Today, the Nifty index must trade, sustain and closes above 25450-25630-25750 then, it may continue the pull back rally to re-test 25870-25980-26120 levels. On the other hand, the immediate support seen at 25110-24855-24755, further weakness below 24755 then, the Index may try to re-visit 24630-24450 levels in the near term. Let see how the Index opens today near 25230-25120 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 52314.45; on the opening move, it made a day high 52582.95; thereafter, it moved down, made a day low 51683.40 and closed on a negative note at 51845.20 with an intra loss 1077.40 points, i.e., -2.08%, today Nifty Bank Index must move and trade above 51970-52030 levels; if to do so, then it may try to re-test 52130-52320-52390-52580-52825 levels. On the other hand, any weakness near 51970-52030 further, it moves below 51680-51440 then, the Index may re-visit 51360-51270-51165-51050-50945-50850 levels.

Sensex Index: Yesterday, Sensex opened on a negative note at 83002.09; on the opening move, it made a day high 83752.81; thereafter, it moved down, made a day low 82434.02 and closed on a negative note at 82497.10 with an intra loss 1769.19 points, i.e., -2.14%, today Sensex must move and trade above 82630-82745 levels; if to do so, then it may try to re-test 82935-83095-83250-83365-83470-83600-83750-83 levels. On the other hand, any weakness near 82630-82745 further, it moves below 82435-82360 then, the Index may re-visit 82210-82050-81960-81810-81650-81425 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.15243.27 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.12913.96 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.

Research Analyst Disclaimer: Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.