03.01.23-Tuesday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, contrary to our expectation, opened on a positive note at 18131.70, our expected opening band 18100-18080 on opening move, the Index made a day low 18086.50 thereafter, it moved up, made a day high 18215.15 and closed at 18197.45 on a positive note with an intra gain 92.15 points, i.e., 0.51%.

What will happen today? 

Nifty Index: Today, the Nifty Index may open on a flat note near 18195-18170 levels; if open, trade and sustain above 18195-18230 then, the index may test 18265-18295-18315-18345-18375 levels. On the other hand, the immediate support lies at 18150-18130 if, the Index move below 18130 then, it may try to re-visit 18100-18085-18050-18010-17990-17970-17940 levels.

Special Mention: Yesterday, the Nifty Index unable to continue the pull back rally beyond 18230, made a inside day pattern  i.e., not broken the previous day high or low and closed above threshold support levels i.e, 18085; today, the Index must break 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 18085-18055-18030 then, it may try to re-visit 17995-17775 levels in the near term. Let see how the Index opens today at 18195-18170 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:

Yesterday, the S&P Global Manufacturing PMI data for the month of Dec'22 released, it moved to 57.80% from 55.70% (Nov'22). Likewise, the S&P Global Services PMI data is expected on 04th Jan'23.

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: Yesterday Nifty Bank Index, opened at 43038.25, on the opening move, it made a day low 42961.75; thereafter, it moved up, made a day high 43382.75 and closed on a positive note at 43203.10 with an intra gain 216.65 points, i.e., 0.50%, today the Nifty Bank Index must move above 43265-43380-43395 levels; if to do so, then it may try to test 43440-43495-43615-43725 levels. On the other hand, any weakness near 43265-43380-43395 further, it moves below 43175-43060 then, the Index may re-visit 43010-42960-42845-42700-42495 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 18250-18475 with a gain 5-10%.

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Wishing you for a safe, secured and profitable trading.