20.10.22-Thursday, 8.30 am

Good Morning Members

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 17568.15, on opening move, the Index made a high 17607.60; thereafter, it moved down, made a day low 17492.90 and closed at 17512.25, on a positive note with an intra gain 25.30 points, i.e., 0.14%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a negative note near 17455-17430-17415 levels; if open, trade and sustain above 17455-17475 then, the index may test 17515-17555-17575-17605-17640-17665-17700 levels. On the other hand, the immediate support lies at 17415-17375 if, the Index moves below 17375 then, it may try to re-visit 17350-17330-17315-17260-17235-17200-17170 levels.

Special Mention: Yesterday, the Nifty Index continued the pull back rally, reached near our threshold resistance levels i.e., 17615, made a high 17607.60 and closed very well above 17430 levels, today the Index must move and sustain above 17585-17630-17660 then, it may re-test 17700-17800-17920 levels in the near term. On the other hand, if the Index unable to move above 17585-17630-17660 and moves below 17430-17345-17315 then, it may try to re-visit 17100-16950 levels in the near term. Let see how the Index opens today at 17455-17430-17415 levels, the itra volatility may be high due to today's option weekly expiry and tomorrow's week-end factor, 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 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, 173 announced their Q2 earnings, the net profit seen a positive growth about 13.80%, when compared with a last quarter. The Net profit for Q2 stood at Rs.45418.70 Cr. as against the Q1 net profit of Rs.39919.10 Cr. 

Nifty Bank Index: Nifty Bank Index yesterday, opened at 40556.65, on the opening move, it made a day high 40643.60; thereafter, it moved down, made a day low 40195.20 and closed on a positive note at 40373.20 with an intra gain 54.45 points, i.e., 0.14%, today the Nifty Bank Index must move above 40535-40645 levels; if to do so, then it may try to re-test 40765-40885-41100 levels. On the other hand, any weakness near 40535-40645 further, it moves below 40375-40195 then, the Index may re-visit 40070-39895-39750-39610-39500 levels.

Trading Strategy: The members/followers/readers, those who invested near 16950 levels, try to book profit partially near 17585-17700 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.