07.10.24-Monday, 08.50 am 

Good Morning all .....

What has happened on Friday? Nifty Index, as expected and written, opened on a negative note at 25181.90, our expected opening band 25230-25120, on the opening move it made a day high 25485.05; further it moved down; made a day low 24966.60 and closed on a negative note at 25014.60 with intra loss 235.50 points, i.e., -0.94%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 25065-25095 levels; if open, trade and sustain above 25095 then, the index may re-test 25125-25165-25225-25255-25285-25325-25370-25425-25465-25510-25550-25585-25625 levels. On the other hand, the immediate support lies at 25025-24970 if, the Index moves below 24970 then, it may try to re-visit 24940-24885-24840-24800-24755 levels.

Special Mention: On Friday, Nifty Index continued the sell-off, made a day low 24966.80 and closed just below our support levels i.e., 25110 levels. Today, the Nifty index must trade, sustain and closes above 25230-25485 then, it may continue the pull back rally to re-test 25630-25900 levels. On the other hand, the immediate support seen at 24885-24755, 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 25065-25095 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 51643.75; on the opening move, it made a day high 52358.35; thereafter, it moved down, made a day low 51347.25 and closed on a negative note at 51462.05 with an intra loss 383.15 points, i.e., -0.74%, today Nifty Bank Index must move and trade above 51585-51620 levels; if to do so, then it may try to re-test 51730-51850-51930-52065-52145-52360-52530-52630-52725 levels. On the other hand, any weakness near 51585-51620 further, it moves below 51350-51210 then, the Index may re-visit 51070-50850-50740-50625-50500-50350 levels.

Sensex Index: On Friday, Sensex opened on a negative note at 82244.25; on the opening move, it made a day high 83368.92; thereafter, it moved down, made a day low 81532.68 and closed on a negative note at 81688.45 with an intra loss 808.65 points, i.e., -0.99%, today Sensex must move and trade above 81750-81905 levels; if to do so, then it may try to re-test 82230-82450-82665-82830-82975-83160-83370-83455-83600 levels. On the other hand, any weakness near 81750-81905 further, it moves below 81530-81420 then, the Index may re-visit 81210-81035-80895-80615 levels.

FII's & DII's Funds Flow: On Friday, FIIs continued as a net seller, they sold on the net basis to the tune of Rs.9896.95 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.8905.08 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 Sep'24 released on 04th Oct'24-Friday, it moved down to 57.70 from 60.90 (Aug'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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