16.12.22-Friday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a negative note at 18614.40, our expected opening band 18620-18595 on opening move, the Index made a high 18652.90 thereafter, it moved down, made a day low 18387.70 and closed at 18414.90 on a negative note with an intra loss 245.40 points, i.e., -1.32%.

What will happen today? 

Nifty Index: Today, the Nifty Index may open on a flat to negative note near 18410-18385-18345 levels; if open, trade and sustain above 18410-18445 then, the index may test 18475-18522-18550-18575-18615-18650 levels. On the other hand, the immediate support lies at 18350-18315 if, the Index moves below 18315 then, it may try to re-visit 18265-18225-18185-18135 levels.

Special Mention: Yesterday, the Nifty Index unable to continue the pull back rally, the sell-off dragged the Nifty till 18387.70 and closed well below our threshold support levels i.e., 18445; today, the Index must break 18445-18620 levels, if it is moves and sustain above 18620 then, it may test 18650-18780-18885 levels very soon. On the other hand, if the Index moves below 18345-18315 then, it may try to re-visit 18260-18135 levels in the near term. Let see how the Index opens today at 18410-18385-18345 levels, the intra volatility may be in a high note due today's week-end factor, trade with due caution and aviod aggressive long position, is my advise at this juncture.

INDIA's Macro Data:

The RBI MPC meet held on 07th Dec,  the MPC 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 Oct'22 released on 12th Dec-Monday, the data shows that, the Industrial production turned to a negative zone at -4% when compared to the last month (Sep"22) reading i.e., 3.50%. The Annual Inflation data for Nov'22 releasd on 12th Dec, the data shows that the Inflation has come down further to 5.88% from Oct'22 level i.e., 6.77% and WPI Inflation data also came on 14th Dec-Wednesday for the month of Nov'22, it stood at 5.85% Vs.8.39% (Oct'22).

India Inc. Earnings:

The India Inc. Q2 (Jul-Sep'22) earnings started to announce, so far out of 4248 companies 4159 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.243,518.40 Cr. as against the Q1 net profit of Rs.212,844.90 Cr. 

Nifty Bank Index: Nifty Bank Index yesterday, opened at 43940.10, on the opening move, it made a day high 44120.60; thereafter, it moved down, made a day low 43379.10 and closed on a negative note at 44049.10 with an intra loss 550.90 points, i.e., -1.25%, today the Nifty Bank Index must move above 43555-43750 levels; if to do so, then it may try to test 43885-43960-44120-44150 levels. On the other hand, any weakness near 43555-43750 further, it moves below 43460-43380 then, the Index may re-visit 43230-43180-43065-42950-42770-42620 levels.

Trading Strategy: The members/followers/readers, those who exited the position, try to re-invest partially near 18150-17950 levels in Nifty 50 stocks with medium term perspective to gain 5-10% return in the near term.

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Wishing you for a safe, secured and profitable trading.