24.11.22-Thursday, 08.34 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 18325.20, our expected opening band 18295-18325 on opening move, the Index made a high 18325.40; thereafter, it moved down, made a day low 18246 and closed at 18267.25, on a positive note with an intra gain 23.05 points, i.e., 0.13%.

What will happen today?

Nifty Index: Today, the Nifty Index may open on a positive note near 18315-18325-18345 levels; if open, trade and sustain above 18345 then, the index may test 18375-18410-18440-18485-18525 levels. On the other hand, the immediate support lies at 18300-18265 if, the Index moves below 18265 then, it may try to re-visit 18245-18225-18205-18170-18135 levels.

Special Mention: Yesterday, the Nifty Index continued the pull back rally and moved till 18325 and closed above our threshold resistance levels i.e., 18260; today, the Index must break 18345-18375 levels, if it is moves and sustain above 18375 then, it may re-test 18440-18550-18640 levels in the near term. On the other hand, if the Index moves below 18245-18200 then, it may try to re-visit 18135-18075-17960 levels in the near term. Let see how the Index opens today at 18315-18325-18345 levels, the intra volatility may be in a high note, due to today's F&O expiry and global cues, trade with due caution and aviod aggressive short/long position, is my advise at this juncture.

INDIA's Macro Data:

The IIP data for Sep'22 released on 11th Nov-Friday, the data shows that, the Industrial production turned to a positive zone at 3.10% when compared to the last month reading i.e., -0.80%. The Annual Inflation data for Oct'22 releasd on 14th Nov, the data shows that the Inflation has come down to 6.77% from the Sep'22 level i.e., 7.41% and WPI Inflation data also came on 14th Nov for the month of Oct'22, it stood at 8.39% Vs.10.70% (Sep'22).

India Inc. Earnings:

The India Inc. Q2 (Jul-Sep'22) earnings started to announce, so far out of 4248 companies, 3913 announced their Q2 earnings, the net profit seen a positive growth about 14.10%, when compared with a last quarter. The Net profit for Q2 stood at Rs.242,270.30 Cr. as against the Q1 net profit of Rs.212,307.90 Cr. 

Nifty Bank Index: Nifty Bank Index yesterday, opened at 42668.55, on the opening move, it made a day low 42556.40; thereafter, it moved up, made a day high 42860.55 and closed on a positive note at 42729.10 with an intra gain 272.05 points, i.e., 0.64%, today the Nifty Bank Index must move above 42770-42860 levels; if to do so, then it may try to test 42940-43040-43100-43155 levels. On the other hand, any weakness near 42770-42860 further, it moves below 42710-42675 then, the Index may re-visit 42620-42550-42470-42355-42280-42200 levels.

Trading Strategy: The members/followers/readers, those who invested near 16950 levels, try to book full profit near 18440-18500-18640 levels or the stocks given 12-15-20% 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.