30.12.22-Friday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a negative note at 18045.70, our expected opening band 18100-18070 on opening move, the Index made a day low 17992.80 thereafter, it moved up, made a day high 18229.70 and closed at 18191 on a positive note with an intra gain 68.50 points, i.e., 0.38%.

What will happen today? 

Nifty Index: Today, the Nifty Index may open on a positive note near 18230-18270-18295 levels; if open, trade and sustain above 18295 then, the index may test 18320-18345-18360-18390-18425-18470 levels. On the other hand, the immediate support lies at 18170-18125 if, the Index move below 18125 then, it may try to re-visit 18090-18070-18045-18020-17990-17970 levels.

Special Mention: Yesterday, the Nifty Index continued the pull back rally till 18229.70 and closed well above our threshold support levels i.e., 18125; today, the Index must break 18230-18295 levels, if it moves and sustain above 18295 then, it may re-test 18345-18430-18475 levels in the near term. On the other hand, if the Index moves below 18100-17970 then, it may try to re-visit 17775-17640 levels in the near term. Let see how the Index opens today at 18230-18270-18295 levels; the intra volatility may be in a high note due to today's weekly, quarterly monthly-cum-year end factor, trade with due caution and aviod aggressive long/short 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 42684.90, on the opening move, it made a day low 42489.80; thereafter, it moved up, made a day high 43498.05 and closed on a positive note at 43252.35 with an intra gain 424.65 points, i.e., 0.99%, today the Nifty Bank Index must move above 43380-43495 levels; if to do so, then it may try to test 43615-43770-43855 levels. On the other hand, any weakness near 43380-43495 further, it moves below 43200-43110-43035 then, the Index may re-visit 42935-42845-42760-42645-42530-42490-42395 levels.

Trading Strategy: The members/followers/readers, those who re-invested recently near 17800 levels in Nifty 50 stocks, try to start book partial profit near 18300-18475 with a gain 5-10%.

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Wishing you for a safe, secured and profitable trading.