09.12.22-Friday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a flat to positive note at 18570.85, our expected opening band 18595-18625 on opening move, the Index made a high 18625 thereafter, it moved down, made a day low 18536.95 and closed at 18609.35, on a positive note with an intra gain 48.85 points, i.e., 0.26%.

What will happen today? 

Nifty Index: Today, the Nifty Index may open on a positive note near 18650-18675 levels; if open, trade and sustain above 18675 then, the index may test 18705-18750-18780-18795-18810-18845-18885 levels. On the other hand, the immediate support lies at 18620-18570 if, the Index moves below 18570 then, it may try to re-visit 18530-18510-18490-18475-18445 levels.

Special Mention: Yesterday, the Nifty Index traded with consolidation mode and formed an inside day pattern i.e., not broken the previous day high and low point and closed well below our threshold levels i.e., 18640; today, the Index must break 18710-18750 levels, if it is moves and sustain above 18750 then, it may test 18785-18885-18950-19050 levels very soon. On the other hand, if the Index moves below 18570-18510 then, it may try to re-visit 18440-18260-18135 levels in the near term. Let see how the Index opens today at 18650-18675 levels, the intra volatility may be in a high note due to today's week-end factor, trade with due caution and aviod aggressive short/long position, is my advise at this juncture.

INDIA's Macro Data:

Yesterday, the RBI on its MPC meet, increased the Repo rate by 35 bps from 5.90% to 6.25%. The GDP data for the Q2 ending Sep'22 released on 30th Nov'22, the GDP slipped into 6.30% Vs.13.50% (Q1-Jun'22). 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 4154 announced their Q2 earnings, the net profit seen a positive growth about 14.40%, when compared with a last quarter. The Net profit for Q2 stood at Rs.243,519.90 Cr. as against the Q1 net profit of Rs.212,845.00 Cr. 

Nifty Bank Index: Nifty Bank Index yesterday, opened at 43142.25, on the opening move, it made a day low 43095.60; thereafter, it moved up, made a day high 43640.90 and closed on a positive note at 43596.85 with an intra gain 498.15 points, i.e., 1.16%, today the Nifty Bank Index must move above 43670-43785 levels; if to do so, then it may try to test 43870-43980-44090 levels. On the other hand, any weakness near 43670-43785 further, it moves below 43515-43440 then, the Index may re-visit 43365-43295-43225-43160-43095-42950 levels.

Trading Strategy: The members/followers/readers, those who invested near 16950 levels, try to exit all the position near 18850-19050 levels or the stocks given 24-30% 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.