29.12.22-Thursday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a negative note at 18084.75, our expected opening band 18110-18095-18070 on opening move, the Index made a day low 18068.35 thereafter, it moved up, made a day high 18173.10 and closed at 18122.50 on a negative note with an intra loss 9.80 points, i.e., -0.05%.

What will happen today? 

Nifty Index: Today, the Nifty Index may open on a flat to negative note near 18100-18070 levels; if open, trade and sustain above 18100 then, the index may test 18120-18140-18160-18175-18200-18235-18270-18295 levels. On the other hand, the immediate support lies at 18070-18050-18040 if, the Index move below 18040 then, it may try to re-visit 18020-17995-17970-17940-17905-17870-17820-17775 levels.

Special Mention: Yesterday, the Nifty Index continued the pull back rally till 18173 and closed well above our threshold support levels i.e., 18085; today, the Index must break 18175-18235 levels, if it moves and sustain above 18235 then, it may re-test 18320-18430-18500 levels in the near term. On the other hand, if the Index moves below 18050-17970 then, it may try to re-visit 17775-17640-17430 levels in the near term. Let see how the Index opens today at 18100-18070 levels; the intra volatility may be in a high note due to today's  F&O expiry and tomorrow's weekly, 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 42733.60, on the opening move, it made a day low 42694.85; thereafter, it moved up, made a day high 43034.95 and closed on a negative note at 42827.70 with an intra loss 31.80 points, i.e., -0.07%, today the Nifty Bank Index must move above 42935-42975-42995 levels; if to do so, then it may try to test 43035-43125-43175-43280-43380 levels. On the other hand, any weakness near 42935-42975-42995 further, it moves below 42775-42695 then, the Index may re-visit 42600-42540-42475-42390-42305-42160-41915-41750 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.