09.01.23-Monday, 08.30 am 

Good Morning all... 

What has happened on Friday? Nifty Index, as expected and written, opened on a flat note at 18008.05, our expected opening band 17980-18010 on opening move, the Index made a day high 18047.40 thereafter, it moved down, made a day low 17795.55 and closed at 17859.45 on a negative note with an intra loss 132.70 points, i.e., -0.74%.

What will happen today? 

Nifty Index: Today, the Nifty Index may open on a positive note with gap up by tracking global indices near 17920-17950-17980 levels; if open, trade and sustain above 17980 then, the index may test 18030-18050-18080-18120-18145-18165 levels. On the other hand, the immediate support lies at 17895-17880-17855 if, the Index move below 17855 then, it may try to re-visit 17825-17795-17775-17750-17725 levels.

Special Mention: On Friday, the Nifty Index continued the downward move till our important threshold support levels ie., 17775, made a low 17799.55 and closed well below our threshold support levels i.e, 18085; today, the Index must break 18030-18085-18120 levels, if it moves and sustain above 18120 then, it may re-test 18265-18475 levels in the near term. Once again I reiterate that, the Nifty Index may face strong resistance near 18265-18320 band, it 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, the strong support lies at 17995-17775-17725, if the Index moves below 17775-17725 then, it may try to re-visit 17430 16950 levels in the near term. Let see how the Index opens today at 17920-17950-17980 levels, this week the intra volatility may be in a high note due to India Inc results kick starts from today by the IT giant TCS, trade with due caution and aviod aggressive short/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 up to 57.80% from 55.70% (Nov'22). Likewise, the S&P Global Services PMI data for the month of Dec'22 released on 04th Jan'23, it moved up 58.50% from 56.40% (Nov'22).

The RBI MPC meet held on 07th Dec,  the MPC increased the Repo rate by 35 bps from 5.90% to 6.25%.

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).

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%.

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 4171 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.243,200.20 Cr. as against the Q1 net profit of Rs.212,392.90 Cr. 

Q3 i.e., Oct-Dec'22 India Inc. quarterly results are expected from today, the IT giant TCS announcing its results today and Infosys and HCL Tech will declare their Q3 results on 12th Jan'23.

Nifty Bank Index: On Friday Nifty Bank Index, opened at 42649.70, on the opening move, it made a day high 42985.90; thereafter, it moved down, made a day low 41877 and closed on a negative note at 42188.80 with an intra loss 419.90 points, i.e., -0.99%, today the Nifty Bank Index must move above 42260-42300-42375 levels; if to do so, then it may try to test 42450-42510-42590-42685-42730-42860 levels. On the other hand, any weakness near 42260-42300-42375 further, it moves below 42190-42070 then, the Index may re-visit 41970-41880-41720-41570 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.