11.01.23-Wednesday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, contrary to our expectation, opened on a positive note at 18121.30, our expected opening band 18080-18040 on opening move, the Index made a day high 18127.60 thereafter, it moved down, made a day low 17856 and closed at 17914.15 on a negative note with an intra loss 187.05 points, i.e., -1.03%.

What will happen today? 

Nifty Index: Today, the Nifty Index may open on a flat to positive note by tracking global indices near 17930-17965 levels; if open, trade and sustain above 17965 then, the index may test 17995-18020-18050-18070-18095-18125-18140-18170-18200 levels. On the other hand, the immediate support lies at 17920-17890 if, the Index move below 17890 then, it may try to re-visit 17860-17835-17800-17775-17725-17685-17640 levels.

Special Mention: Yesterday, the Nifty Index unable to continue the pull back rally beyond 18120-18140, once again the sell-off dragged the Index till 17856 and closed just above our threshold support levels i.e, 17940; 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, the Nifty Index may face strong resistance near 18265-18320 band in the near term, 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 levels. 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 17640-17430-16950 levels in the near term. Let see how the Index opens today at 17930-17965 levels, the intra volatility may be in a high note due to tomorrow's weekly option expiry, 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 4172 announced their Q2 earnings, the net profit seen a positive growth about 15.30%, when compared with a last quarter. The Net profit for Q2 stood at Rs.243,134 Cr. as against the Q1 net profit of Rs.210,815 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 42642, on the opening move, it made a day high 42674.25; thereafter, it moved down, made a day low 41835.75 and closed on a negative note at 42014.75 with an intra loss 567.40 points, i.e., -1.33%, today the Nifty Bank Index must move above 42060-42180 levels; if to do so, then it may try to test 42255-42350-42430-42500-42580-42675-42770-42860 levels. On the other hand, any weakness near 42060-42180 further, it moves below 41935-41835 then, the Index may re-visit 41805-41675-41570-41445-41340 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.