24.10.24-Thursday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, contrary to our expectation, opened on a negative note at 24378.15, our expected opening band 24495-24545, on the opening move it made a day high 24604.25, further it moved down; made a day low 24378.10 and closed on a negative note at 24435.50 with intra loss 36.60 points, i.e., -0.15%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 24445-24475 levels; if open, trade and sustain above 24475 then, the index may re-test 24490-24520-24560-24605-24635-24665-24695 levels. On the other hand, the immediate support lies at 24420-24380 if, the Index moves below 24380 then, it may try to re-visit 24350-24315-24280-24255-24220-24175 levels.

Special Mention: Yesterday, Nifty Index continued the sell-off beyond our threshold support levels i.e.,24445, made a low 24378.10 and closed just below 24445 levels. Today, the Nifty index must trade, sustain and closes above 24600-24695 then, it may continue the pull back rally to re-test 24980-25095-25235 levels. On the other hand, the immediate support seen at 24350-23895, further weakness below 23895 then, the Index may try to re-visit 23800-23485-23190 levels in the near term. Let see how the Index opens today near 24445-24475 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 51117.80; on the opening move, it made a day high 51551.55; thereafter, it moved down, made a day low 51107.90 and closed on a negative note at 51239 with an intra loss 18.15 points, i.e., -0.04%, today Nifty Bank Index must move and trade above 51300-51420 levels; if to do so, then it may try to re-test 51550-51670-51840-51930-52015-52145-52265 levels. On the other hand, any weakness near 51300-51420  further, it moves below 51160-51000 then, the Index may re-visit 50930-50790-50660-50570-50475 levels.

Sensex Index: Yesterday, Sensex opened on a negative note at 79921.13; on the opening move, it made a day high 80646.31; thereafter, it moved down, made a day low 79891.68 and closed on a negative note at 80081.98 with an intra loss 138.74 points, i.e., -0.17%, today Sensex must move and trade above 80185-80270-80335 levels; if to do so, then it may try to re-test 80470-80645-80850-80940-81055-81220-81370-81555-81770 levels. On the other hand, any weakness near 80185-80270-80335 further, it moves below 80035-79890 then, the Index may re-visit 79700-79530-79390-79240-79020-78800 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.5684.63 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.6039.90 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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