24.10.22-Monday, 04.45 pm - Diwali Muhurat Special Trading Session between 06-15 pm to 07.15 pm

Good Morning Members... Wishing you and your family a happy diwali...

What has happened on Friday? Nifty Index, as expected and written, opened on a positive note at 17622.85, on opening move, the Index made a high 17421; thereafter, it moved up, made a day high 17670.15 and closed at 17576.30, on a positive note with an intra gain 12.35 points, i.e.,- 0.07%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a flat to positive note near 17705-17755-17810 levels; if open, trade and sustain above 17810 then, the index may test 17840-17860-17895-17920 levels. On the other hand, the immediate support lies at 17700-17670 if, the Index moves below 17670 then, it may try to re-visit 17615-17585-17555-17520-17480-17450-17420 levels.

Special Mention: On Friday, the Nifty Index able to continue the pull back rally beyond our threshold resistance levels i.e., 17615, made a high 17670 and closed below 17615 levels, today the Index must move and sustain above 17730-17780-17810 then, it may re-test 17860-17980 levels in the near term. On the other hand, if the Index unable to move above 17730-17780-17810 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 17705-17755-17810 levels, this week the intra volatility may be high due to fewer trading sessions, 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, 367 announced their Q2 earnings, the net profit seen a positive growth about 14.20%, when compared with a last quarter. The Net profit for Q2 stood at Rs.69620.90 Cr. as against the Q1 net profit of Rs.60964.10 Cr. 

Nifty Bank Index: Nifty Bank Index on Friday, opened at 40375.75, on the opening move, it made a day low 40355.45; thereafter, it moved up, made a day high 41032.25 and closed on a positive note at 40784.05 with an intra gain 684.50 points, i.e., 1.71%, today the Nifty Bank Index must move above 40895-41030-41150 levels; if to do so, then it may try to re-test 41185-41330-41480-41630-41840 levels. On the other hand, any weakness near 40895-41030-41150 further, it moves below 40785-40610 then, the Index may re-visit 40500-40355-40210-40140-39975 levels.

Trading Strategy: The members/followers/readers, those who invested near 16950 levels, try to book profit partially near 17700--17840-17880 levels or the stocks given 6-9% return and wait for further move to book full profit near 17990-18100 levels.

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Wishing you for a safe, secured and profitable trading.