11.10.24-Friday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 25067.05, our expected opening band 25055-25085-25120, on the opening move it made a day high 25134.05; further it moved down; made a day low 24979.40 and closed on a positive note at 24998.45 with intra gain 16.50 points, i.e., 0.07%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 25010-24980-24965 levels; if open, trade and sustain above 25010 then, the index may re-test 25035-25075-25100-25135-25175-25200-25235-25255-25300 levels. On the other hand, the immediate support lies at 24940-24900 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 unable to continue the pull back rally beyond 25234.05, it made an inside day pattern i.e., not broken the previous day high or low levels and closed above our support levels i.e., 24965 levels. Today, the Nifty index must trade, sustain and closes above 25135-25300 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 25010-24980-24965 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 51195.70; on the opening move, it made a day low 51047; thereafter, it moved up, made a day high 51659.45 and closed on a positive note at 51530.90 with an intra gain 523.90 points, i.e., 1.02%, today Nifty Bank Index must move and trade above 51660-51705 levels; if to do so, then it may try to re-test 51825-51925-52110-52330-52450-52580 levels. On the other hand, any weakness near 51660-517055 further, it moves below 51480-51355 then, the Index may re-visit 51280-51190-51050-50880-50790 levels.

Sensex Index: Yesterday, Sensex opened on a positive note at 81832.66; on the opening move, it made a day high 82002.80; thereafter, it moved down, made a day low 81538.94 and closed on a positive note at 81611.41 with an intra gain 144.31 points, i.e., 0.18%, today Sensex must move and trade above 81745-81865 levels; if to do so, then it may try to re-test 81950-82005-82130-82320-82585-82730-82890 levels. On the other hand, any weakness near 81745-81865 further, it moves below 81540-81410 then, the Index may re-visit 81335-81220-81105-80915-80815-80725-80510 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.4926.61 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.3878.33 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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