30.10.24-Wednesday, 08.50 am 

Good Morning all .....

What has happened yesterday? Nifty Index, as expected and written, opened on a flat note at 24328.85, our expected opening band 24355-24385, on the opening move it made a day low 24140.85, further it moved up; made a day high 24484.50 and closed on a posiitve note at 24466.85 with intra gain 127.70 points, i.e., 0.52%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 24465-24440-24390 levels; if open, trade and sustain above 24465 then, the index may re-test 24490-24515-24540-24575-24605-24640 levels. On the other hand, the immediate support lies at 24370-24345 if, the Index moves below 24345 then, it may try to re-visit 24315-24275-24235-24205-24170-24140-24110-24075 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally beyond 24492.60, made an inside day pattern i.e., not broken the previous day high or low levels and closed above our threshold support levels i.e., 24340. It looks, the Nifty index took support for the time being due to, it is trading near oversold zone i.e., 24075, the consolidation cum pull back may continue to test till 24800-25200,  unless it breaks the support levels i.e., 24075. 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 24465-24440-24390 levels.

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 51404.10; on the opening move, it made a day low 51278.90; thereafter, it moved up, made a day high 52354.85 and closed on a posiitve note at 52320.70 with an intra gain 1061.40 points, i.e., 2.03%, today Nifty Bank Index must move and sustain above 52425-52575 levels; if to do so, then it may try to re-test 52645-52775-52905-53090 levels. On the other hand, any weakness near 52425-52575 further, it moves below 52190-52040 then, the Index may re-visit 51945-51740-51690-51530-51480-51350-51280 levels.

Sensex Index: Yesterday, Sensex opened on a positive note at 80037.20; on the opening move, it made a day low 79421.35; thereafter, it moved up, made a day high 80450.48 and closed on a positive note at 80369.03 with an intra gain 363.99 points, i.e., 0.45%, today Sensex must move and sustain above 80450-80540 levels; if to do so, then it may try to re-test 80610-80730-80845-81000-81205-81340-81470 levels. On the other hand, any weakness near 80450-80540 further, it moves below 80180-80055 then, the Index may re-visit 79935-79840-79665-79540-79420-79305-79140 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.548.69 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.730.13 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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