25.10.24-Friday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, contrary to our expectation, opened on a negative note at 24412.70, our expected opening band 24445-24475, on the opening move it made a day high 24480.65, further it moved down; made a day low 24341.20 and closed on a negative note at 24399.40 with intra loss 36.10 points, i.e., -0.15%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 24420-24360 levels; if open, trade and sustain above 24420 then, the index may re-test 24445-24480-24520-24555-24585-24620-24665-24695-24735 levels. On the other hand, the immediate support lies at 24340-24305 if, the Index moves below 24305 then, it may try to re-visit 24280-24255-24220-24175-24130 levels.

Special Mention: Yesterday, Nifty Index continued the sell-off, made a low 24341.20 and closed above our threshold support levels i.e., 24350. 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 24420-24360 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 51272.30; on the opening move, it made a day low 51201.85; thereafter, it moved up, made a day high 51781.55 and closed on a positive note at 51531.15 with an intra gain 292.15 points, i.e., 0.57%, today Nifty Bank Index must move and trade above 51620-51670 levels; if to do so, then it may try to re-test 51780-51840-51940-52015-52145-52265-52335 levels. On the other hand, any weakness near 51620-51670 further, it moves below 51410-51340 then, the Index may re-visit 51200-51110-51045-50790-50660-50570 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 80135-80260 levels; if to do so, then it may try to re-test 80380-80470-80645-80850-80940-81055-81220-81370-81555 levels. On the other hand, any weakness near 80135-80260 further, it moves below 79970-79890 then, the Index may re-visit 79690-79530-79390-79240-79020-78800 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.5062.45 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.3620.47 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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