04.01.23-Wednesday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a flat note at 18163.20, our expected opening band 18195-18170 on opening move, the Index made a day low 18149.80 thereafter, it moved up, made a day high 18251.95 and closed at 18232.55 on a positive note with an intra gain 35.10 points, i.e., 0.19%.

What will happen today? 

Nifty Index: Today, the Nifty Index may open on a flat note near 18220-18205 levels; if open, trade and sustain above 18220-18250 then, the index may test 18265-18290-18320-18345-18375 levels. On the other hand, the immediate support lies at 18160-18120 if, the Index move below 18120 then, it may try to re-visit 18100-18080-18050-18020-17990-17970-17940-17900 levels.

Special Mention: Yesterday, the Nifty Index continued the pull back rally beyond 18230, made a day high 18251.95 and closed just above threshold support levels i.e, 18230; today, the Index must break 18265-18290 levels, if it moves and sustain above 18290 then, it may re-test 18345-18430-18475 levels in the near term. Our threshold resistance levels lies 18265-18320 band, the Nifty Index must move and close above these levels atleast for three consecutive trading sessions, then only further up move is possible till 18475-18600-18700 in the near term. On the other hand, if the Index moves below 18150-18080 then, it may try to re-visit 17995-17775 levels in the near term. Let see how the Index opens today at 18220-18205 levels; this week, the intra volatility may be in a high note due to tomorrow's weekly option expiry and weak global cues, trade with due caution and aviod aggressive long position, is my advise at this juncture.

INDIA's Macro Data:

On 02nd Jan'23, 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 today.

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 43151.45, on the opening move, it made a day low 43148.45; thereafter, it moved up, made a day high 43482.80 and closed on a positive note at 43425.25 with an intra gain 222.15 points, i.e., 0.51%, today the Nifty Bank Index must move above 43480-43500-43575 levels; if to do so, then it may try to test 43615-43725-43850-43985 levels. On the other hand, any weakness near 43485-43500-43575 further, it moves below 43350-43285 then, the Index may re-visit 43150-43055-42960-42845-42760-42700-42650-42495 levels.

Trading Strategy: The members/followers/readers, those who re-invested recently near 17800 levels in Nifty 50 stocks, try to start book profit near 18250-18320-18475 with a gain 6-10% and wait for further correction to re-invest once again.

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Wishing you for a safe, secured and profitable trading.