10.10.24-Thursday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, contrary to our expectation, opened on a positive note at 25065.80, our expected opening band 25010-24980, on the opening move it made a day high 25234.05; further it moved down; made a day low 24947.70 and closed on a negative note at 24981.95 with intra loss 31.20 points, i.e., -0.12%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 25055-25085-25120 levels; if open, trade and sustain above 25120 then, the index may re-test 25150-25175-25200-25235-25270-25300-25340-25390 levels. On the other hand, the immediate support lies at 24950-24900 if, the Index moves below 24900 then, it may try to re-visit 24860-24820-24760-24730-24695-24630 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally till 25234.05, the brief intra sell-off dragged the index down and closed above our support levels i.e., 24965 levels. Today, the Nifty index must trade, sustain and closes above 25085-25300 then, it may continue the pull back rally to re-test 25485-25630-25900 levels. On the other hand, the immediate support seen at 24900-24755, further weakness below 24755 then, the Index may try to re-visit 24695-24455 levels in the near term. Let see how the Index opens today near 25055-25085-25120 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 51161.75; on the opening move, it made a day high 51707.15; thereafter, it moved down, made a day low 50903.75 and closed on a negative note at 51007 with an intra loss 14 points, i.e., -0.03%, today Nifty Bank Index must move and trade above 51110-51265-51305 levels; if to do so, then it may try to re-test 51400-51535-51705-51825-51925-52110-52330 levels. On the other hand, any weakness near 51110-51265-51305 further, it moves below 50900-50770 then, the Index may re-visit 50685-50550-50460-50370-50270-50195 levels.

Sensex Index: Yesterday, Sensex opened on a positive note at 81954.58; on the opening move, it made a day high 82319.21; thereafter, it moved down, made a day low 81342.89 and closed on a negative note at 81467.10 with an intra loss 167.71 points, i.e., -0.21%, today Sensex must move and trade above 81715-81850-81970 levels; if to do so, then it may try to re-test 82055-82135-82320-82585-82730-82890 levels. On the other hand, any weakness near 81715-81850-81970 further, it moves below 81570-81345 then, the Index may re-visit 81220-81105-80915-80815-80725-80510-80300 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.4562.71 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.3508.61 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 09th Oct'24-Wednesday, 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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