19.10.22-Wednesday, 8.34 am

Good Morning Members

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 17438.75, on opening move, the Index made a low 17434.05; thereafter, it moved up, made a day high 17527.80 and closed at 17486.95, on a positive note with an intra gain 178.15 points, i.e., 1.01%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a flat to positive note near 17495-17530-17555 levels; if open, trade and sustain above 17555 then, the index may test 17580-17610-17640-17665-17700 levels. On the other hand, the immediate support lies at 17440-17400 if, the Index moves below 17400 then, it may try to re-visit 17365-17315-17260-17235-17200-17170 levels.

Special Mention: Yesterday, the Nifty Index continued the pull back rally, reached near our threshold resistance levels i.e., 17580, made a high 17527.80 and closed very well above 17430 levels, today the Index must move and sustain above 17560-17580 then, it may re-test 17700-17800 levels in the near term. On the other hand, if the Index unable to move above 17560-17580 and moves below 17430-17330 then, it may try to re-visit 17100-16950 levels in the near term. Let see how the Index opens today at 17495-17530-17555 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, 131 announced their Q2 earnings, the net profit seen a positive growth about 17.50%, when compared with a last quarter. The Net profit for Q2 stood at Rs.40540.60 Cr. as against the Q1 net profit of Rs.34491.80 Cr. 

Nifty Bank Index: Nifty Bank Index yesterday, opened at 40252.05, on the opening move, it made a day low 40139.85; thereafter, it moved up, made a day high 40435.50 and closed on a positive note at 40318.75 with an intra gain 398.30 points, i.e., 1.00%, today the Nifty Bank Index must move above 40435-40525 levels; if to do so, then it may try to re-test 40685-40770-40885-41100 levels. On the other hand, any weakness near 40435-40525 further, it moves below 40390-40220 then, the Index may re-visit 40140-40010-39850-39610 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.

For further details please do call us on 98410 48022 or contact thro' WhatsApp: 99624 70636. Please read carefully, the Disclaimer published in the Disclaimer page.

Wishing you for a safe, secured and profitable trading.