16.10.24-Wednesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 25186.30, our expected opening band 25160-25185, on the opening move it made a day high 25212.05; further it moved down; made a day low 25008.15 and closed on a negative note at 25057.35 with intra loss 70.60 points, i.e., -0.28%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 25055-25030-25010 levels; if open, trade and sustain above 25055 then, the index may re-test 25080-25110-25140-25185-25210-25235-25265 levels. On the other hand, the immediate support lies at 24995-24950 if, the Index moves below 24950 then, it may try to re-visit 24920-24900-24860-24820-25785-25755 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally beyond our resistance levels i.e., 25234.05, made a high 25212.05, the intra sell-off dragged down till 25008 and closed just above our support levels i.e., 25025 levels. Today, the Nifty index must trade, sustain and closes above 25160-25235-25300 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 25055-25030-25010 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 51975.95; on the opening move, it made a day high 52022.05; thereafter, it moved down, made a day low 51698.75 and closed on a positive note at 51906 with an intra gain 89.10 points, i.e., 0.17%, today Nifty Bank Index must move and trade above 51990-52020 levels; if to do so, then it may try to re-test 52110-52330-52450-52580-52700 levels. On the other hand, any weakness near 51990-52020 further, it moves below 51800-51700 then, the Index may re-visit 51610-51550-51485-51380-51325-51220-51040 levels.

Sensex Index: Yesterday, Sensex opened on a positive note at 82101.86; on the opening move, it made a day high 82300.44; thereafter, it moved down, made a day low 81635.87 and closed on a negative note at 81820.12 with an intra loss 153.53 points, i.e., -0.19%, today Sensex must move and trade above 81890-82105 levels; if to do so, then it may try to re-test 82300-82480-82595-82730-82890-83050 levels. On the other hand, any weakness near 81890-82105 further, it moves below 81790-81635 then, the Index may re-visit 81540-81455-81305-81100-80915 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.1748.71 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.1654.96 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 Q1 ending Jun'24 released on 30th Aug'24-Friday, the GDP has moved down to 6.70% Vs.7.80% (Q4-Mar'24).

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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