23.12.22-Friday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 18288.80, our expected opening band 18255-18285 on opening move, the Index made a high 18318.75 thereafter, it moved down, made a day low 18068.60 and closed at 18127.35 on a negative note with an intra loss 71.75 points, i.e., -0.39%.

What will happen today? 

Nifty Index: Today, the Nifty Index may open on a negative note near 18070-18000 levels; if open, trade and sustain above 18070-18125 then, the index may test 18160-18200-18225-18245-18290-18320-18355-18385 levels. On the other hand, the immediate support lies at 18000-17970 if, the Index moves below 17970-17960 then, it may try to re-visit 17945-17905-17875-17845-17810 levels.

Special Mention: Yesterday, the Nifty Index continued the downward move till 18068.60 and closed well below our threshold support levels i.e., 18135; today, the Index must break 18185-18260 levels, if it is moves and sustain above 18260-18320 then, it may test 18445-18520-18630 levels in the near term. On the other hand, if the Index moves below 18065-18000-17970 then, it may try to re-visit 17810-17660 levels in the near term. Let see how the Index opens today at 18070-18000 levels, the intra volatility may be in a high note due to 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 4163 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.243,490.50 Cr. as against the Q1 net profit of Rs.212,818.70 Cr. 

Nifty Bank Index: Nifty Bank Index yesterday, opened at 42864, on the opening move, it made a day high 42933.50; thereafter, it moved down, made a day low 42231.35 and closed on a negative note at 42408.80 with an intra loss 209.15 points, i.e., -0.49%, today the Nifty Bank Index must move above 42580-42640 levels; if to do so, then it may try to test 42725-42785--42855-42935-43125levels. On the other hand, any weakness near 42580-42640 further, it moves below 42350-42230 then, the Index may re-visit 42165-42040-41950-41810-41670 levels.

Trading Strategy: The members/followers/readers, those who exited the position, try to re-invest partially near 18000-17800 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.