26.12.22-Monday, 08.30 am 

Good Morning all... 

What has happened on Friday? Nifty Index, as expected and written, opened on a negative note at 17977.65, our expected opening band 18070-18000 on opening move, the Index made a high 18050.45 thereafter, it moved down, made a day low 17779.50 and closed at 17806.80 on a negative note with an intra loss 320.55 points, i.e., -1.77%.

What will happen today? 

Nifty Index: Today, the Nifty Index may open on a flat to positive note near 17845-17885 levels; if open, trade and sustain above 17885 then, the index may test 17915-17945-17970-18000-18028-18050-18085-18125 levels. On the other hand, the immediate support lies at 17810-17780 if, the Index moves below 17880 then, it may try to re-visit 17745-17705-17675-17640-17610 levels.

Special Mention: On Friday, the Nifty Index continued the downward move for seven consecutive trading sessions till 17779.50 and closed well below our threshold support levels i.e., 17970; today, the Index must break 17970-18070 levels, if it is moves and sustain above 18070 then, it may test 18345-18475 levels in the near term. On the other hand, if the Index moves below 17700-17640 then, it may try to re-visit 17430-17315 levels in the near term. Let see how the Index opens today at 17845-17885 levels; this week, the intra volatility may be in a high note due to F&O expiry and monthly-cum-year-end factor, trade with due caution and aviod aggressive short/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 4167 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.243,437.50 Cr. as against the Q1 net profit of Rs.212,748.70 Cr. 

Nifty Bank Index: Nifty Bank Index on Friday, opened at 41951.35, on the opening move, it made a day high 42226.65; thereafter, it moved down, made a day low 41597.65 and closed on a negative note at 41668.05 with an intra loss 740.75 points, i.e., -1.75%, today the Nifty Bank Index must move above 41745-41850 levels; if to do so, then it may try to test 41980-42040-42090-42155-42230-42310-42395 levels. On the other hand, any weakness near 41745-41850 further, it moves below 41670-41595 then, the Index may re-visit 41425-41300-41210-41165-41035 levels.

Trading Strategy: The members/followers/readers, those who exited the position, try to re-invest partially near 17800-17430 levels in Nifty 50 stocks with medium term perspective to gain 5-10% return in the near term.

For further details please do call us on 98410 48022 or contact thro' WhatsApp: 99624 70636. Please read carefully, the Disclaimer published in the Disclaimer page.

Wishing you for a safe, secured and profitable trading.