17.10.24-Thursday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a negative note at 25008.55, our expected opening band 25055-25030-25010, on the opening move it made a day high 25093.40; further it moved down; made a day low 24908.45 and closed on a negative note at 24971.30 with intra loss 86.05 points, i.e., -0.34%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 24980-25025 levels; if open, trade and sustain above 25025 then, the index may re-test 25060-25095-25120-25145-25175-25210-25235-25265 levels. On the other hand, the immediate support lies at 24950-24920-24900 if, the Index moves below 24900 then, it may try to re-visit 24860-24820-24785-24755-24725-24695 levels.

Special Mention: Yesterday, Nifty Index continued the down trend, made a low 24908.45 and closed above our support levels i.e., 24920 levels. Today, the Nifty index must trade, sustain and closes above 25095-25235 then, it may continue the pull back rally to re-test 25300-25485-25630 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 24980-25025 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 51711.20; on the opening move, it made a day low 51711.20; thereafter, it moved up, made a day high 52031.60 and closed on a negative note at 51801.05 with an intra loss 104.95 points, i.e., -0.20%, today Nifty Bank Index must move and trade above 51920-52030 levels; if to do so, then it may try to re-test 52115-52330-52450-52580-52700 levels. On the other hand, any weakness near 51920-52030 further, it moves below 51765-51700 then, the Index may re-visit 51625-51550-51485-51380-51325-51220-51040 levels.

Sensex Index: Yesterday, Sensex opened on a negative note at 81646.60; on the opening move, it made a day high 81932.15; thereafter, it moved down, made a day low 81358.26 and closed on a negative note at 81501.36 with an intra loss 318.76 points, i.e., -0.39%, today Sensex must move and trade above 81575-81800 levels; if to do so, then it may try to re-test 81930-82090-82300-82480-82595-82730-82890-83050 levels. On the other hand, any weakness near 81575-82800 further, it moves below 81450-81360 then, the Index may re-visit 81305-81202-81100-80915-80725 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.3435.94 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.2256.29 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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