17.10.22-Monday, 8.34 am

Good Morning Members

What has happened on Friday? Nifty Index, as expected and written, opened on a positive note with gap up at 17322.30, on opening move, the Index made a high 17348.55; thereafter, it moved down, made a day low 17169.75 and closed at 17185.70, on a positive note with an intra gain 171.35 points, i.e., 1.01%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a negative note near 17140-17115-17070 levels; if open, trade and sustain above 17140 then, the index may test 17170-17210-17270-17295-17330-17350-17395 levels. On the other hand, the immediate support lies at 17140-17110-17070 if, the Index moves below 17070 then, it may try to re-visit 17045-16995-16950-16910-16855 levels.

Special Mention: On Friday, the Nifty Index once again started the pull back rally with big gap up, reached near our threshold resistance levels i.e., 17355, made a high 17348.55, further the brief sell-off dragged till 17185 and closed just near 17285 levels, today the Index must move and sustain above 17260-17315-17355 then, it may re-test 17445-17640 levels in the near term. On the other hand, if the Index unable to move above 17260-17315-17355 and moves below 17115-17070 then, it may try to re-visit 16950-16855-16750 levels in the near term. Let see how the Index opens today at 17140-17115-17070 levels, this week the intra volatility may be high due to India Inc. results seasons are on and Option Weekly expiry, global cues are plays a vital role, trade with due caution and aviod aggressive long/short positions, is my advise at this juncture.

The IIP data for Aug'22 released on 12th Oct, the data shows the Industrial prodcution turned to a negative at -0.80% when compared to the last month reading i.e., 2.20%, after a year; it moves into negative zone and the Annual Inflation for Sep'22 moved up from 7% to 7.40%. The WPI Inflation data for the month Sep'22 released on Friday, it came down from 12.41% (Aug'22)  to 10.70%

The India Inc. Q2 (Jul-Sep'22) earnings started to announce, so far out of 4248 companies, 56 announced their Q2 earnings, the net profit seen a positive growth about 15.80%, when compared with a last quarter. The Net profit for Q2 stood at Rs.25703.60 Cr. as against the Q1 net profit of Rs.22197.30 Cr. 

Nifty Bank Index: Nifty Bank Index on Friday, opened at 39446.05, on the opening move, it made a day high 39570.85; thereafter, it moved down, made a day low 39196.30 and closed on a positive note at 39305.60 with an intra gain 681.60 points, i.e., 1.76%, today the Nifty Bank Index must move above 39380-39460-39570 levels; if to do so, then it may try to re-test 39610-39670-39760-39925-40075-40135 levels. On the other hand, any weakness near 39380-39460-39570 further, it moves below 39195-39060 then, the Index may re-visit 39005-38895-38705-38570-38440 levels.

Trading Strategy: The members/followers/readers, try to re-invest partially near 16950-16750 levels in Nifty50 stocks with the medium term perspective to gain 6-9%. Adani Port, Reliance, LIC Housing Finance, PVR are the stocks to invest with medium term perspective.

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Wishing you for a safe, secured and profitable trading.