29.10.24-Tuesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 24251.10, our expected opening band 24225-24275, on the opening move it made a day low 24134.90, further it moved up; made a day high 24492.60 and closed on a posiitve note at 24339.15 with intra gain 158.35 points, i.e., 0.65%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 24355-24385-24425 levels; if open, trade and sustain above 24425 then, the index may re-test 24450-24490-24540-24590-24640 levels. On the other hand, the immediate support lies at 24305-24270 if, the Index moves below 24270 then, it may try to re-visit 24220-24175-24135-24095-24075-24035 levels.

Special Mention: Yesterday, Nifty Index unable to continue the sell-off, the intra pull back lifted the index till 24492.60 and closed just  near our threshold support levels i.e., 24340. Today, the Nifty index must trade, sustain and closes above 24500-24605-24695 then, it may continue the pull back rally to re-test 24980-25095-25235 levels. On the other hand, the immediate support seen at 24135-24075, further weakness below 24075 then, the Index may try to re-visit 23895-23800-23485 levels in the near term. Let see how the Index opens today near 24355-24385-24425 levels. It looks, the Nifty index took support for the time being due to oversold at 24075, the pull back may continue for another 2-3 trading sessions to test till 24800-25200, in the near term. 

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 51061.35; on the opening move, it made a day low 51012.55; thereafter, it moved up, made a day high 51589.15 and closed on a posiitve note at 51259.30 with an intra gain 501.85 points, i.e., 0.98%, today Nifty Bank Index must move and sustain above 51495-51590 levels; if to do so, then it may try to re-test 51745-51840-51935-52020-52105-52215 levels. On the other hand, any weakness near 50495-51590 further, it moves below 51160-51010 then, the Index may re-visit 50900-50855-50770-50640-50510-50380 levels.

Sensex Index: Yesterday, Sensex opened on a positive note at 79653.67; on the opening move, it made a day low 79418.82; thereafter, it moved up, made a day high 80539.81 and closed on a positive note at 80005.04 with an intra gain 602.75 points, i.e., 0.75%, today Sensex must move and sustain above 80265-80410 levels; if to do so, then it may try to re-test 80610-80845-81000-81205-81340-81470 levels. On the other hand, any weakness near 80265-80410 further, it moves below 79980-79680 then, the Index may re-visit 79550-79420-79265-79135 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.3228.08 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.1400.85 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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