02.01.23-Monday, 08.30 am 

Good Morning all... 

What has happened on Friday? Nifty Index, as expected and written, opened on a positive note at 18259.10, our expected opening band 18230-18270-18295 on opening move, the Index made a day high 18265.25 thereafter, it moved down, made a day low 18080.30 and closed at 18105.30 on a negative note with an intra loss 85.70 points, i.e., -0.47%.

What will happen today? 

Nifty Index: Today, the Nifty Index may open on a flat to negative note near 18100-18080 levels; if open, trade and sustain above 18100 then, the index may test 18130-18160-18185-18205-18230-18260-18295-18315 levels. On the other hand, the immediate support lies at 18030-17990 if, the Index move below 17990 then, it may try to re-visit 17970-17940-1791-17890-17850-17810 levels.

Special Mention: On Friday, the Nifty Index continued the pull back rally till 18265.25 but unable to move above 18270, further moved down till 18065 and closed below threshold resistancce levels i.e., 18235; today, the Index must break 18170-18235-18265 levels, if it moves and sustain above 18265 then, it may re-test 18345-18430-18475 levels in the near term. On the other hand, if the Index moves below 18080-18055-18030 then, it may try to re-visit 17995-17775 levels in the near term. Let see how the Index opens today at 18100-18080 levels; this week, the intra volatility may be in a high note due to weak global cues, 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 4169 announced their Q2 earnings, the net profit seen a positive growth about 14.50%, when compared with a last quarter. The Net profit for Q2 stood at Rs.243,423.60 Cr. as against the Q1 net profit of Rs.212,606.30 Cr. 

Nifty Bank Index: Nifty Bank Index on Friday, opened at 43401.70, on the opening move, it made a day high 43422.95; thereafter, it moved down, made a day low 42833.10 and closed on a negative note at 42986.45 with an intra loss 265.90 points, i.e., -0.61%, today the Nifty Bank Index must move above 43070-43130 levels; if to do so, then it may try to test 43205-43250-43295-43355-43420-43585 levels. On the other hand, any weakness near 43070-43130 further, it moves below 42970-42835 then, the Index may re-visit 42760-42670-42535-42490-42395-42350-42230 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.