15.10.24-Tuesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, contrary to our expectation, opened on a positive note at 25023.45, our expected opening band 24980-24960-24945, on the opening move it made a day low 25017.50; further it moved up; made a day high 25159.75 and closed on a positive note at 25127.95 with intra gain 163.70 points, i.e., 0.65%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 24135-25160-25185 levels; if open, trade and sustain above 25185 then, the index may re-test 25205-25235-25260-25300-25350-25390 levels. On the other hand, the immediate support lies at 25115-25070 if, the Index moves below 25070 then, it may try to re-visit 25050-25020-24980-24950-24920-24900 levels.

Special Mention: Yesterday, Nifty Index unable to continue the down trend and closed just near our support levels i.e., 25025 levels. Today, the Nifty index must trade, sustain and closes above 25160-25300 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 25135-25160-25185 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 51263.25; on the opening move, it made a day low 51220.85; thereafter, it moved up, made a day high 51893 and closed on a positive note at 51816.90 with an intra gain 644.60 points, i.e., 1.24%, today Nifty Bank Index must move and trade above 51890-51980 levels; if to do so, then it may try to re-test 52075-52330-52450-52580 levels. On the other hand, any weakness near 51890-51980 further, it moves below 51750-51670 then, the Index may re-visit 51550-51480-51380-51300-51220-51040 levels.

Sensex Index: Yesterday, Sensex opened on a positive note at 81576.93; on the opening move, it made a day low 81541.80; thereafter, it moved up, made a day high 82072.17 and closed on a positive note at 81973.65 with an intra gain 592.29 points, i.e., 0.72%, today Sensex must move and trade above 82040-82070-82210 levels; if to do so, then it may try to re-test 82320-82595-82730-82890-83050 levels. On the other hand, any weakness near 82040-82070-82210 further, it moves below 81900-81745 then, the Index may re-visit 81665-81540-81425-81305-81100-80915 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.3731.59 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2278.09 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 Sep'24 released on 14th Oct'24-Monday, the inflation has gone up to 5.49% from Aug'24 level i.e., 3.65%.

WPI Inflation data for the month of Sep'24 released on 14th Oct'24-Monday, it has gone up to 1.84% as against the Aug'24 level i.e.,1.31%.

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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