09.10.24-Wednesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, contrary to our expectation, opened on a positive note at 24832.20, our expected opening band 24755-24695, on the opening move it made a day low 24756.80; further it moved up; made a day high 25044 and closed on a positive note at 25013.15 with intra gain 217.40 points, i.e., 0.87%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 25010-24980-24960 levels; if open, trade and sustain above 25010 then, the index may re-test 25045--25090-25120-25185-25230-25299 levels. On the other hand, the immediate support lies at 24925-24865 if, the Index moves below 24865 then, it may try to re-visit 24825-24790-24755-24735-24695-24630 levels.

Special Mention: Yesterday, Nifty Index unable to continue the sell-off, the pull back rally lifted the index till 25044 and closed above our support levels i.e., 24885 levels. Today, the Nifty index must trade, sustain and closes above 25120-25265 then, it may continue the pull back rally to re-test 25485-25630-25900 levels. On the other hand, the immediate support seen at 24755-25695-25630, further weakness below 24455 then, the Index may try to re-visit 24455-24175-23895 levels in the near term. Let see how the Index opens today near 25010-24980-24960 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 50736.10; on the opening move, it made a day low 50466; thereafter, it moved up, made a day high 51176.05 and closed on a positive note at 51021 with an intra gain 542.10 points, i.e., 1.06%, today Nifty Bank Index must move and trade above 51095-51175 levels; if to do so, then it may try to re-test 51265-51370-51530-51725-51895-52110 levels. On the other hand, any weakness near 51095-51175 further, it moves below 50940-50820 then, the Index may re-visit 50735-50630-50550-50465-50340-50270-50195 levels.

Sensex Index: Yesterday, Sensex opened on a negative note at 80826.56; on the opening move, it made a day low 80813.07; thereafter, it moved up, made a day high 81763.28 and closed on a positive note at 81634.81 with an intra gain 584.81 points, i.e., 0.72%, today Sensex must move and trade above 81760-81890 levels; if to do so, then it may try to re-test 82020-82360-82595-82700-82800 levels. On the other hand, any weakness near 81760-81890 further, it moves below 81560-81485 then, the Index may re-visit 81290-81175-81040-80925-80815-80725 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.5729.60 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.7000.68 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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