23.10.24-Wednesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a flat to positive note at 24798.65, our expected opening band 24795-24830-24880, on the opening move it made a day high 24882; further it moved down; made a day low 24445.80 and closed on a negative note at 24472.10 with intra loss 309 points, i.e., -1.26%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 24495-24545 levels; if open, trade and sustain above 24545 then, the index may re-test 24570-24630-24660-24695-24750-247830-24880-24825 levels. On the other hand, the immediate support lies at 24445-24405 if, the Index moves below 24405 then, it may try to re-visit 24370-24330-24280-24255-24225-24175 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally, the intra sell-off dragged till 24445.80 and closed below our support levels i.e., 24565 levels. Today, the Nifty index must trade, sustain and closes above 24695-24980 then, it may continue the pull back rally to re-test 25095-25235-25630 levels. On the other hand, the immediate support seen at 24420-23895, further weakness below 23895 then, the Index may try to re-visit 23350-23180 levels in the near term. Let see how the Index opens today near 24495-24545 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 52071.35; on the opening move, it made a day high 52257.30; thereafter, it moved down, made a day low 51179.60 and closed on a negative note at 51257.15 with an intra loss 705.55 points, i.e., -1.38%, today Nifty Bank Index must move and trade above 51305-51435 levels; if to do so, then it may try to re-test 51510-51590-51680-51845-51940-52025-52135-52255 levels. On the other hand, any weakness near 51305-51435  further, it moves below 51180-51000 then, the Index may re-visit 50930-50755-50660-50570-50475 levels.

Sensex Index: Yesterday, Sensex opened on a positive note at 81155.08; on the opening move, it made a day high 81504.24; thereafter, it moved down, made a day low 80149.53 and closed on a negative note at 80220.72 with an intra loss 930.55 points, i.e., -1.16%, today Sensex must move and trade above 80310-80470 levels; if to do so, then it may try to re-test 80735-80825-80985-81105-81210-81350-81500-81680 levels. On the other hand, any weakness near 80310-80470 further, it moves below 80150-80100 then, the Index may re-visit 79980-79810-79675-79540-79300 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.3978.61 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.5869.06 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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