14.10.24-Monday, 08.50 am 

Good Morning all .....

What has happened on Friday? Nifty Index, as expected and written, opened on a flat note at 24985.30, our expected opening band 25010-24980-24965, on the opening move it made a day high 25028.65; further it moved down; made a day low 24947.20 and closed on a negative note at 24964.25 with intra loss 34.20 points, i.e., -0.14%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 24980-24960-24945 levels; if open, trade and sustain above 25980 then, the index may re-test 25005-25030-25055-25075-25100-25145-25175-25200-25235 levels. On the other hand, the immediate support lies at 24920-24900 if, the Index moves below 24900 then, it may try to re-visit 24860-24820-24760-24730-24695-24630 levels.

Special Mention: On Friday, Nifty Index unable to continue the pull back rally and closed just near 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 24980-2496-24945 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a negative note at 51491.90; on the opening move, it made a day high 51560; thereafter, it moved down, made a day low 51005.85 and closed on a negative note at 51172.30 with an intra loss 358.60 points, i.e., -0.70%, today Nifty Bank Index must move and trade above 51245-51380 levels; if to do so, then it may try to re-test 51495-51560-51705-51825-52080-52330 levels. On the other hand, any weakness near 51245-51380 further, it moves below 51110-51005 then, the Index may re-visit 50950-50855-50770-50550-50370 levels.

Sensex Index: On Friday, Sensex opened on a negative note at 81478.49; on the opening move, it made a day high 81671.38; thereafter, it moved down, made a day low 81304.15 and closed on a negative note at 81381.36 with an intra loss 230.05 points, i.e., -0.28%, today Sensex must move and trade above 81475-81570 levels; if to do so, then it may try to re-test 81690-81765-81810-81930-82020-82205-82320-82595-82730-82890 levels. On the other hand, any weakness near 81475-81570 further, it moves below 81305-81230 then, the Index may re-visit 81120-80820-80725-80510 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.4162.66 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.3730.87 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 Aug'24 released on 11th Oct'24-Friday, the Industrial production has come down to -0.10%; when compared to the Jul'24 level, i.e., 4.70%. 

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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