27.12.22-Tuesday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a flat to positive note at 17830.40, our expected opening band 17845-17885 on opening move, the Index made a day low 17774.25 thereafter, it moved up, made a day high 18084.10 and closed at 18014.60 on a positive note with an intra gain 207.80 points, i.e., 1.17%.

What will happen today? 

Nifty Index: Today, the Nifty Index may open on a flat to positive note near 18055-18085 levels; if open, trade and sustain above 18085 then, the index may test 18110-18125-18155-18170-18205-18230-18260-18305 levels. On the other hand, the immediate support lies at 17995-17945 if, the Index moves below 17945 then, it may try to re-visit 17905-17875-17850-17810-17775-17750-17720 levels.

Special Mention: Yesterday, the Nifty Index took support at 17775, the pull back rally lifted the Index till 18084 and closed well above our threshold support levels i.e., 17970; today, the Index must break 18085-18235 levels, if it moves and sustain above 18235 then, it may re-test 18345-18430-18500 levels in the near term. On the other hand, if the Index moves below 17965-17845 then, it may try to re-visit 17640-17430 levels in the near term. Let see how the Index opens today at 18055-18085 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 yesterday, opened at 41716.35, on the opening move, it made a day low 41569.45; thereafter, it moved up, made a day high 42846.15 and closed on a positive note at 42630.15 with an intra gain 962.10 points, i.e., 2.31%, today the Nifty Bank Index must move above 42700-42845 levels; if to do so, then it may try to test 42930-43015-43095-43175-43190-43380 levels. On the other hand, any weakness near 42700-42845 further, it moves below 41535-42470 then, the Index may re-visit 42360-42225-42085-41870-41720-41570 levels.

Trading Strategy: The members/followers/readers, those who exited the position, try to re-invest partially near 17800-17630 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.