04.11.24-Monday, 08.50 am 

Good Morning all .....

What has happened on Friday? Nifty Index, opened on a positive note at 24302.75, on the opening move it made a low 24280.20, further it moved up; made a high 24338.25 and closed on a positive note at 24304.35 with intra gain 99 points, i.e., 0.41%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 24310-24280-24255 levels; if open, trade and sustain above 24310 then, the index may re-test 24340-24370-24400-24430-24460-24495-24515-24550-24575-24605 levels. On the other hand, the immediate support lies at 24255-24240 if, the Index moves below 24240 then, it may try to re-visit 24210-24175-24140-24110-24075 levels.

Special Mention: On Friday, Nifty Index, not broken the previous day high and low levels, made an inside day pattern and closed below 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 24370-24510 then, it may continue the pull back rally to re-test 24595-24695-24935 levels. On the other hand, the immediate support seen at 24235-24170, further weakness below 24170 then, the Index may try to re-visit 24075-23895 levels in the near term. Let see how the Index opens today near 24310-24280-24255 levels.

Nifty Bank Index: On Friday, Nifty Bank Index opened on a positive note at 51550.15; on the opening move, it made a low 51459.40; thereafter, it moved up, made a high 51825.50 and closed on a positive note at 51673.90 with an intra gain 198.55 points, i.e., 0.38%, today Nifty Bank Index must move and sustain above 51730-51825 levels; if to do so, then it may try to re-test 51925-52060-52135-52240-52355-52460-52575 levels. On the other hand, any weakness near 51730-51825 further, it moves below 51600-51460 then, the Index may re-visit 51340-51160-51050-50940-50860-50750 levels.

Sensex Index: On Friday, Sensex opened on a positive note at 80023.75; on the opening move, it made a day 80023.75; thereafter, it moved down, made a low 79655.55 and closed on a positive note at 79724.12 with an intra gain 335.06 points, i.e., 0.42%, today Sensex must move and sustain above 79800-80020 levels; if to do so, then it may try to re-test 80130-80240-80380-80460-80540-80610-80765-80880-80999-81205 levels. On the other hand, any weakness near 79800-80020 further, it moves below 79655-79570 then, the Index may re-visit 79470-79305-79140-78770-78445-78295 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.211.93 Cr. On the other hand, DIIs turned as a net seller, they sold on the net basis to the tune of Rs.377.33 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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