31.10.22-Monday, 08.34 am 

Good Morning Members... 

What has happened on Friday? Nifty Index, as expected and written, opened on a positive note at 17756.40, our expected opening band 17775-17820-17850, on opening move, the Index made a high 17838.90; thereafter, it moved down, made a day low 17723.70 and closed at 17786.80, on a positive note with an intra gain 49.85 points, i.e., 0.28%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a positive note near 17840-17885-17920 levels; if open, trade and sustain above 17920 then, the index may test 17940-17980-18015-18050-18085 levels. On the other hand, the immediate support lies at 17810-17775 if, the Index moves below 17775 then, it may try to re-visit 17740-17705-17670-17635-17610-17570-17520 levels.

Special Mention: On Friday, the Nifty Index continued the northward journey beyond our threshold resistance levels i.e., 17810, made a high 17838.90 and closed well above 17710 levels, today the Index must move and sustain above 17885-17920-17940 then, it may re-test 17980-18020-18090 levels in the near term. On the other hand, if the Index unable to move above 17885-17920-17945 and moves below 17800-17775 then, it may try to re-visit 17670-17520-17430 levels in the near term. Let see how the Index opens today at 17840-17885-17920 levels, this week, the intra volatility may be high, due to today's month-end factor and India Inc. Q2 results season, trade with due caution and aviod aggressive short/long position, 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, 470 announced their Q2 earnings, the net profit seen a positive growth about 1.10%, when compared with a last quarter. The Net profit for Q2 stood at Rs.111,584.40 Cr. as against the Q1 net profit of Rs.110,358.60 Cr. 

Nifty Bank Index: Nifty Bank Index on Friday, opened at 41236.80, on the opening move, it made a day high 41482.40; thereafter, it moved down, made a day low 40839.60 and closed on a negative note at 40990.85 with an intra loss -308.45 points, i.e., -0.75%, today the Nifty Bank Index must move above 41290-41480 levels; if to do so, then it may try to re-test 41530-41690-41840-42000 levels. On the other hand, any weakness near 41290-41480 further, it moves below 41045-40840 then, the Index may re-visit 40750-40665-40625-40485-40350 levels.

Trading Strategy: The members/followers/readers, those who invested near 16950 levels, try to book full profit near 17940-18015-18090 levels or the stocks given 9-15% return and wait for further pirce correction to re-invest once again.

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Wishing you for a safe, secured and profitable trading.