18.10.24-Friday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 25027.40, our expected opening band 24980-25025, on the opening move it made a day high 25029.50; further it moved down; made a day low 24728.90 and closed on a negative note at 24749.85 with intra loss 221.45 points, i.e., -0.89%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 24755-24730-24695 levels; if open, trade and sustain above 25755 then, the index may re-test 24795-24820-24845-24880-24915-24940-24995-25030-25060 levels. On the other hand, the immediate support lies at 24695-24645 if, the Index moves below 24645 then, it may try to re-visit 24630-24590-24545-24500-24455 levels.

Special Mention: Yesterday, Nifty Index continued the down trend, made a low 24728.90 and closed below our support levels i.e., 24900 levels. Today, the Nifty index must trade, sustain and closes above 24900-25095-25235 then, it may continue the pull back rally to re-test 25300-25485-25630 levels. On the other hand, the immediate support seen at 24695-24545, further weakness below 24545 then, the Index may try to re-visit 24455-23895 levels in the near term. Let see how the Index opens today near 24755-24730-24695 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 51849.30; on the opening move, it made a day high 51930.20; thereafter, it moved down, made a day low 51150.25 and closed on a negative note at 51288.80 with an intra loss 512.25 points, i.e., -1.00%, today Nifty Bank Index must move and trade above 51350-51445 levels; if to do so, then it may try to re-test 51485-51585-51690-51760-51835-51930-52020 levels. On the other hand, any weakness near 51350-51445 further, it moves below 51150-51040 then, the Index may re-visit 50940-50890-50760-50625-50525-50410 levels.

Sensex Index: Yesterday, Sensex opened on a positive note at 81758.07; on the opening move, it made a day high 81781.40; thereafter, it moved down, made a day low 80905.64 and closed on a negative note at 81006.61 with an intra loss 494.75 points, i.e., -0.61%, today Sensex must move and trade above 81090-81240 levels; if to do so, then it may try to re-test 81445-81525-81610-81780-81905-82020 levels. On the other hand, any weakness near 81090-81240 further, it moves below 80900-80725 then, the Index may re-visit 80625-80560-80350-80100-79985 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.7421.40 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.4979.83 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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