21.10.22-Friday, 8.30 am

Good Morning Members

What has happened yesterday? Nifty Index, as expected and written, opened on a negative note at 17423.10, on opening move, the Index made a low 17421; thereafter, it moved up, made a day high 17584.15 and closed at 17563.95, on a positive note with an intra gain 51.70 points, i.e., 0.30%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a flat to positive note near 17535-17565-17585 levels; if open, trade and sustain above 17585-17605 then, the index may test 17630-17660-17700-17745-17775-17805 levels. On the other hand, the immediate support lies at 17500-17470 if, the Index moves below 17470 then, it may try to re-visit 17420-17375-17330-17305-17280-17250-17200-17170 levels.

Special Mention: Yesterday, the Nifty Index unable to continue the pull back rally beyond our threshold resistance levels i.e., 17615, made a high 17584 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 17535-17565-17585 levels, the intra volatility may be high due to today's long 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, 240 announced their Q2 earnings, the net profit seen a positive growth about 14.50%, when compared with a last quarter. The Net profit for Q2 stood at Rs.63189 Cr. as against the Q1 net profit of Rs.55210 Cr. 

Nifty Bank Index: Nifty Bank Index yesterday, opened at 40149.50, on the opening move, it made a day low 39848.85; thereafter, it moved up, made a day high 40208.35 and closed on a negative note at 40099.55 with an intra loss -273.65 points, i.e., -0.68%, today the Nifty Bank Index must move above 40205-40305 levels; if to do so, then it may try to re-test 40410-40475-40550-40640-40750-40860 levels. On the other hand, any weakness near 40205-40305 further, it moves below 40090-39950 then, the Index may re-visit 39850-39750-39610-39570-39235 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.

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Wishing you for a safe, secured and profitable trading.