21.12.22-Wednesday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a flat to negative note at 18340.90, our expected opening band 18420-18390 on opening move, the Index made a low 18202.65 thereafter, it moved up, made a day high 18404.90 and closed at 18385.30 on a negative note with an intra loss 35.15 points, i.e., -0.19%.

What will happen today? 

Nifty Index: Today, the Nifty Index may open on a positive note near 18430-18445-18460 levels; if open, trade and sustain above 18445-18460 then, the index may test 18485-18505-18550-18590-18640 levels. On the other hand, the immediate support lies at 18405-18360 if, the Index moves below 18360 then, it may try to re-visit 18345-18305-18255-18205-18185-18135 levels.

Special Mention: Yesterday, the Nifty Index continued the downward move till 18202.65 and closed well below our threshold support levels i.e., 18445; today, the Index must break 18445-18460-18485 levels, if it is moves and sustain above 18460-18485 then, it may test 18520-18630-18700 levels in the near term. On the other hand, if the Index moves below 18310-18250-18205 then, it may try to re-visit 18135-18100-17960 levels in the near term. Let see how the Index opens today at 18430-18445-18460 levels, the intra volatility may be in a high note due to tomorrow's option weekly expiry and 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 4162 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.243,499.30 Cr. as against the Q1 net profit of Rs.212,823.70 Cr. 

Nifty Bank Index: Nifty Bank Index yesterday, opened at 43152.65, on the opening move, it made a day low 42955.40; thereafter, it moved up, made a day high 43426.20 and closed on a negative note at 43359.50 with an intra loss 54.25 points, i.e., -0.12%, today the Nifty Bank Index must move above 43425 43555 levels; if to do so, then it may try to test 43695-43745-43805-43895-44015-44150 levels. On the other hand, any weakness near 43425-43555 further, it moves below 43285-43160 then, the Index may re-visit 43065-190-43010-42955-42830 levels.

Trading Strategy: The members/followers/readers, those who exited the position, try to re-invest partially near 18250-18100-17950 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.