19.12.22-Monday, 08.30 am 

Good Morning all... 

What has happened on Friday? Nifty Index, as expected and written, opened on a negative note at 18319.10, our expected opening band 18385-18345 on opening move, the Index made a high 18440.95 thereafter, it moved down, made a day low 18255.15 and closed at 18269 on a negative note with an intra loss 145.90 points, i.e., -0.79%.

What will happen today? 

Nifty Index: Today, the Nifty Index may open on a positive note near 18315-18360 levels; if open, trade and sustain above 18360 then, the index may test 18385-18440-18490-18525-18565-18600 levels. On the other hand, the immediate support lies at 18300-18275-18255 if, the Index moves below 18255 then, it may try to re-visit 18205-18185-18135-18105-18070 levels.

Special Mention: On Friday, the Nifty Index continued the downward move till 18255 and closed well below our threshold support levels i.e., 18345; today, the Index must break 18345-18440 levels, if it is moves and sustain above 18440 then, it may test 18520-18630-18700 levels in the near term. On the other hand, if the Index moves below 18250-18220-18170 then, it may try to re-visit 18135-18100-17960 levels in the near term. Let see how the Index opens today at 18315-18360 levels, the intra volatility may be in a high note due global weakness, 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 4161 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.243,496.90 Cr. as against the Q1 net profit of Rs.212,821.70 Cr. 

Nifty Bank Index: Nifty Bank Index on Friday, opened at 43261.75, on the opening move, it made a day high 43598.20; thereafter, it moved down, made a day low 43080.55 and closed on a negative note at 43219.50 with an intra loss 278.70 points, i.e., -0.64%, today the Nifty Bank Index must move above 43380-43445 levels; if to do so, then it may try to test 43535-43600-43730-43835-43925-44150 levels. On the other hand, any weakness near 43380-43445 further, it moves below 43200-43080 then, the Index may re-visit 42940-42845-42740-42625-42555-42480 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.