21.10.24-Monday, 08.50 am 

Good Morning all .....

What has happened on Friday? Nifty Index, as expected and written, opened on a negative note at 24664.95, our expected opening band 24755-24730-24695, on the opening move it made a day low 24567.65; further it moved up; made a day high 24886.20 and closed on a positive note at 24854.05 with intra gain 104.20 points, i.e., 0.42%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 24820-24855-24885 levels; if open, trade and sustain above 25885 then, the index may re-test 24915-24940-24970-25000-25030-25065-25095 levels. On the other hand, the immediate support lies at 24810-24790-24755 if, the Index moves below 24755 then, it may try to re-visit 24725-24690-24645-24605-24565-24525-24480 levels.

Special Mention: On Friday, Nifty Index continued the down trend, made a low 24567.65, the intra pull back lifted the index till 24886.20 and closed above our support levels i.e., 24695 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 24820-24855-24885 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a negative note at 51261; on the opening move, it made a day low 51000.90; thereafter, it moved up, made a day high 52199.45 and closed on a positive note at 52094.20 with an intra gain 805.40 points, i.e., 1.55%, today Nifty Bank Index must move and trade above 52200-52325 levels; if to do so, then it may try to re-test 52420-52525-52650-52735 levels. On the other hand, any weakness near 52000-52070 further, it moves below 52020-51850 then, the Index may re-visit 51720-51600-51460-51370-51285-51150 levels.

Sensex Index: On Friday, Sensex opened on a negative note at 80749.26; on the opening move, it made a day low 80409.25; thereafter, it moved up, made a day high 81391.15 and closed on a positive note at 81224.75 with an intra gain 218.14 points, i.e., 0.27%, today Sensex must move and trade above 81350-81390 levels; if to do so, then it may try to re-test 81455-81595-81685-81780-81865-81930 levels. On the other hand, any weakness near 81350-81390 further, it moves below 81165-81030 then, the Index may re-visit 80990-80875-80785-80680-80560-80505-80410-80255-80100 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.5485.70 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.5214.83 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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