31.10.24-Thursday, 08.50 am 

Good Morning all .....

Wishing all our clients, readers and visitors, a happy Diwali....

What has happened yesterday? Nifty Index, as expected and written, opened on a negative note at 24371.45, our expected opening band 24440-24390, on the opening move it made a day high 24498.20, further it moved down; made a day low 24307.30 and closed on a negative note at 24340.85 with intra loss 126 points, i.e., -0.52%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 24335-24305-24285 levels; if open, trade and sustain above 24335 then, the index may re-test 24370-24405-24450-24495-24515-24550-24575-24605 levels. On the other hand, the immediate support lies at 24255-24235 if, the Index moves below 24235 then, it may try to re-visit 24205-24175-24140-24110-24075 levels.

Special Mention: Yesterday, Nifty Index though it broken the resistance levels i.e., 24492.60, made a high 24498.20, the intra sell-off dragged till 24307.30 and closed just near our threshold support levels i.e., 24340. It looks, the Nifty index took support for the time being at 24075, the consolidation cum pull back may continue to test till 24800-25200 in the ensuing sessions,  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 24335-24305-24285 levels.

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a negative note at 51988.70; on the opening move, it made a day high 52220; thereafter, it moved down, made a day low 51733 and closed on a negative note at 51807.50 with an intra loss 513.20 points, i.e., 0.99%, today Nifty Bank Index must move and sustain above 52330-52470 levels; if to do so, then it may try to re-test 52570-52600-52720-52905-53090 levels. On the other hand, any weakness near 52330-52470 further, it moves below 52210-52160-52045 then, the Index may re-visit 51950-51750-51645-51540-51480-51380-51220 levels.

Sensex Index: Yesterday, Sensex opened on a negative note at 80237.85; on the opening move, it made a day high 80435.61; thereafter, it moved down, made a day low 80435.61 and closed on a negative note at 79942.18 with an intra loss 426.85 points, i.e., -0.53%, today Sensex must move and sustain above 80020-80130 levels; if to do so, then it may try to re-test 80255-80365-80435-80540-80600-80765-80880-80999-81205 levels. On the other hand, any weakness near 80020-80130 further, it moves below 79820-79655 then, the Index may re-visit 79540-79470-79305-79140-78770 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.4613.65 Cr. On the other hand, DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.4518.28 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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