08.10.24-Tuesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 25084.10, our expected opening band 25065-25095, on the opening move it made a day high 25143; further it moved down; made a day low 24694.35 and closed on a negative note at 24795.75 with intra loss 218.85 points, i.e., -0.88%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note near 24755-24695 levels; if open, trade and sustain above 24755 then, the index may re-test 24805-24835-24865-24890-24920-24970-25010-25045-25090-25140-25185 levels. On the other hand, the immediate support lies at 24630-24570 if, the Index moves below 24570 then, it may try to re-visit 24530-24475-24455-24420-24380-24335 levels.

Special Mention: Yesterday, Nifty Index continued the sell-off, made a day low 24694.35 and closed above our support levels i.e., 24755 levels. Today, the Nifty index must trade, sustain and closes above 25000-25265 then, it may continue the pull back rally to re-test 25485-25630-25900 levels. On the other hand, the immediate support seen at 24630-24455, further weakness below 24455 then, the Index may try to re-visit 24175-23895 levels in the near term. Let see how the Index opens today near 24755-24695 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 51543.20; on the opening move, it made a day high 51784.80; thereafter, it moved down, made a day low 50194.30 and closed on a negative note at 50478.90 with an intra loss 983.15 points, i.e., -1.95%, today Nifty Bank Index must move and trade above 50495-50570 levels; if to do so, then it may try to re-test 50800-50990-51020-51175-51315-51530-51785-51895 levels. On the other hand, any weakness near 50495-50570 further, it moves below 50380-50195 then, the Index may re-visit 50000-49780-49655-49460-49370-49280 levels.

Sensex Index: Yesterday, Sensex opened on a negative note at 81926.99; on the opening move, it made a day high 82137.77; thereafter, it moved down, made a day low 80726.06 and closed on a negative note at 81050 with an intra loss 638.45 points, i.e., -0.79%, today Sensex must move and trade above 81265-81540 levels; if to do so, then it may try to re-test 81725-81840-81975-82135-82310-82520 levels. On the other hand, any weakness near 81265-81540 further, it moves below 80670-80340 then, the Index may re-visit 80170-80000-79850-79640-79445-79200 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.8293.41 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.13245.12 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.

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.