22.10.24-Tuesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, contrary to our expectation, opened on a positive note at 24956.15, our expected opening band 24820-24855-24885, on the opening move it made a day high 24978.30; further it moved down; made a day low 24679.60 and closed on a negative note at 24781.10 with intra loss 72.95 points, i.e., -0.29%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 24795-24830-24880 levels; if open, trade and sustain above 24880 then, the index may re-test 24915-24940-24980-25000-25030-25060-25095 levels. On the other hand, the immediate support lies at 24755-24715 if, the Index moves below 24715 then, it may try to re-visit 24695-24680-24645-24600-24565-24525-24480 levels.

Special Mention: Yesterday, Nifty Index unable to continue the down trend, made a low 24679.60 and closed above our support levels i.e., 24695 levels. Today, the Nifty index must trade, sustain and closes above 24980-25095-25235 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 24795-24830-24880 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 52361.10; on the opening move, it made a day high 52577.50; thereafter, it moved down, made a day low 51855.15 and closed on a negative note at 51962.70 with an intra loss 131.50 points, i.e., -0.25%, today Nifty Bank Index must move and trade above 52120-52215 levels; if to do so, then it may try to re-test 52365-52495-52575-52650-52735-52775 levels. On the other hand, any weakness near 52120-52215 further, it moves below 51940-51855 then, the Index may re-visit 51720-51660-51460-51370-51285-51150 levels.

Sensex Index: Yesterday, Sensex opened on a positive note at 81770.02; on the opening move, it made a day high 81770.02; thereafter, it moved down, made a day low 80811.23 and closed on a negative note at 81151.27 with an intra loss 73.48 points, i.e., -0.09%, today Sensex must move and trade above 81235-81330 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 81235-81330 further, it moves below 80950-80810 then, the Index may re-visit 80680-80560-80505-80410-80255-80100 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.2261.83 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.3225.91 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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