18.10.22-Tuesday, 8.34 am

Good Morning Members

What has happened yesterday? Nifty Index, as expected and written, opened on a negative note at 17144.80, on opening move, the Index made a low 17098.55; thereafter, it moved up, made a day high 17328.55 and closed at 17311.80, on a positive note with an intra gain 126.10 points, i.e., 0.731%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a positive note near 17375-17390-17430 levels; if open, trade and sustain above 17430 then, the index may test 17465-17500-17540-17580-17625 levels. On the other hand, the immediate support lies at 17330-17270 if, the Index moves below 17270 then, it may try to re-visit 17230-17175-17140-17100-17060 levels.

Special Mention: Yesterday, the Nifty Index continued the pull back rally, reached near our threshold resistance levels i.e., 17355, made a high 17328 and closed very well above 17285 levels, today the Index must move and sustain above 17390-17430 then, it may re-test 17580-17700 levels in the near term. On the other hand, if the Index unable to move above 17390-17430 and moves below 17330-17100 then, it may try to re-visit 16950-16855 levels in the near term. Let see how the Index opens today at 17375-17390-17430 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 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 14th Oct-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, 83 announced their Q2 earnings, the net profit seen a positive growth about 13.90%, when compared with a last quarter. The Net profit for Q2 stood at Rs.37492.50 Cr. as against the Q1 net profit of Rs.32917.70 Cr. 

Nifty Bank Index: Nifty Bank Index yesterday, opened at 39295.60, on the opening move, it made a day low 39146.70; thereafter, it moved up, made a day high 39974.70 and closed on a positive note at 39920.45 with an intra gain 614.85 points, i.e., 1.56%, today the Nifty Bank Index must move above 40140-40200 levels; if to do so, then it may try to re-test 40330-40425-40535-40560-40685 levels. On the other hand, any weakness near 40140-40200 further, it moves below 39975-39710 then, the Index may re-visit 39610-39570-39400-39230 levels.

Trading Strategy: The members/followers/readers, those who invested near 16950 levels, try to book profit partially near 17400-17700 levels or the stocks given 4-6% return and wait for further move to book full profit.

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Wishing you for a safe, secured and profitable trading.