10.01.23-Tuesday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note  with gap up at 17952.55, our expected opening band 17950-17980 on opening move, the Index made a day low 17936.15 thereafter, it moved up, made a day high 18141.40 and closed at 18101.20 on a positive note with an intra gain 241.75 points, i.e., 1.35%.

What will happen today? 

Nifty Index: Today, the Nifty Index may open on a flat to negative note by tracking global indices near 18080-18040 levels; if open, trade and sustain above 18080-18120 then, the index may test 18140-18165-18195-18210-18235-18265-18320-18340 levels. On the other hand, the immediate support lies at 18040-17995 if, the Index move below 17995 then, it may try to re-visit 17960-17935-17875-17835-17800-17775-17725 levels.

Special Mention: Yesterday, the Nifty Index started the pull back rally, it seems it took strong support near 17800 which is our threshold support levels i.e., 17775, made a high 18141.40 and closed just above our threshold resistance levels i.e, 18085; today, the Index must break 18140-18165-18195 levels, if it moves and sustain above 18195 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 and global cues, trade with due caution and aviod aggressive short/long position unless the Nifty Index moves and close above 18265 or moves below 17775 levels.

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 Nov'22 is expected on 12th Jan'23-Thursday, for Oct'22 IIP data 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 Dec'22 is also expected on 12th Jan'23-Thursday, for Nov'22 Annual Inflation data releasd on 12th Dec, it 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 started to announce, yesterday the IT giant TCS announced its results and Infosys and HCL Tech will declare their Q3 results on 12th Jan'23.

Nifty Bank Index: Yesterday Nifty Bank Index, opened at 42404.85, on the opening move, it made a day low 42186.55; thereafter, it moved up, made a day high 42716.80 and closed on a positive note at 42582.15 with an intra gain 393.35 points, i.e., 0.93%, today the Nifty Bank Index must move above 42620-42715 levels; if to do so, then it may try to test 42860-42930-43005-43080-43140-43215 levels. On the other hand, any weakness near 42620-42715 further, it moves below 42515-42340 then, the Index may re-visit 42250-42190-42075-42040-41975-41880 levels.

Trading Strategy: The members/followers/readers, those who re-invested recently near 17800 levels in Nifty 50 stocks, try to book full profit near 18250-18320-18475 with a gain 9-15% and wait for further correction to re-invest once again.

For further details please do call us on 98410 48022 or contact thro' WhatsApp: 99624 70636. Please read carefully, the Disclaimer published in the Disclaimer page.

Wishing you for a safe, secured and profitable trading.