28.10.24-Monday, 08.50 am 

Good Morning all .....

What has happened on Friday? Nifty Index, as expected and written, opened on a flat note at 24418.05, our expected opening band 24420-24360, on the opening move it made a day high 24440.25, further it moved down; made a day low 24073.90 and closed on a negative note at 24180.90 with intra loss 218.60 points, i.e., -0.90%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 24180-24225-24275 levels; if open, trade and sustain above 24275 then, the index may re-test 24305-24340-24395-24440-24490-24540 levels. On the other hand, the immediate support lies at 24120-24095-24075 if, the Index moves below 24305 then, it may try to re-visit 24040-24000-23975-23950-23925-23895 levels.

Special Mention: On Friday, Nifty Index continued the sell-off, made a low 24073.90 and closed above our threshold support levels i.e., 24100. Today, the Nifty index must trade, sustain and closes above 24510-24695 then, it may continue the pull back rally to re-test 24980-25095-25235 levels. On the other hand, the immediate support seen at 24075-23975-23895, 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 24180-24225-24275 levels. The strong support lies at 23895, any weakness below 23895 and closes below 23895 for 2-3 trading sessions further sell-off is possible till 23350 in the near term. 

Nifty Bank Index: On Friday, Nifty Bank Index opened on a positive note at 51369.75; on the opening move, it made a day high 51501.05; thereafter, it moved down, made a day low 50382.10 and closed on a negative note at 50757.45 with an intra loss 773.70 points, i.e., -1.52%, today Nifty Bank Index must move and trade above 50885-50940 levels; if to do so, then it may try to re-test 51060-51220-51375-51500-51610-51740-51805 levels. On the other hand, any weakness near 50885-50940 further, it moves below 50810-50650 then, the Index may re-visit 50515-50380-50280-50195-50080 levels.

Sensex Index: On Friday, Sensex opened on a positive note at 80187.34; on the opening move, it made a day high 80253.19; thereafter, it moved down, made a day low 79137.98 and closed on a negative note at 79402.298 with an intra loss 662.87 points, i.e., -0.83%, today Sensex must move and trade above 79615-79760 levels; if to do so, then it may try to re-test 79830-79925-80015-80125-80255-80450-80555 levels. On the other hand, any weakness near 79615-79760 further, it moves below 79400-79270 then, the Index may re-visit 79140-79020-78800-78770 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.3036.75 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.4159.29 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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