13.01.23-Friday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 17920.85, our expected opening band 17940-17975 on opening move, the Index made a day high 17945.80 thereafter, it moved down, made a day low 17761.85 and closed at 17858.20 on a negative note with an intra loss 37.50 points, i.e., -0.21%.

What will happen today? 

Nifty Index: Today, the Nifty Index may open on a flat to positive note near 17865-17890-17905 levels; if open, trade and sustain above 17905 then, the index may test 17925-17950-17975-17996-18015-18030-18060-18095 levels. On the other hand, the immediate support lies at 17855-17825-17775 if, the Index move below 17775 then, it may try to re-visit 17760-17725-17700-17675-17640-17610 levels.

Special Mention: Yesterday, the Nifty Index continued the down move below our threshold support levels i.e., 17775, made a day low 17761.65 and closed below our threshold resistance levels i.e, 17940; today, the Index must break 17950-18030 levels, if it moves and sustain above 18030 then, it may re-test 18140-18265-18475 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 17775-17725, if the Index moves below 17775-17725 then, it may try to re-visit 17610-17430 levels in the near term. Let see how the Index opens today at 17865-17890-17905 levels, the intra volatility may be in a high note due to today's week-end factor and India Inc results, trade with due caution and aviod aggressive long position unless the Nifty Index moves and close above 18265 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 released on 12th Jan'23-Thursday, the data shows that, the Industrial production moved to positive zone at 7.10% when compared to the last month (Oct"22) negative reading i.e., -4%.

Annual Inflation data for Dec'22 releasd on 12th Jan'23-Thursday, it shows that the Inflation has come down further to 5.72% from Nov'22 level i.e., 5.88%.

WPI Inflation data for the month of Nov'22 released on 14th Dec-Wednesday, it has come down to 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, on 09th Jan'23, 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 42238.50 on the opening move, it made a day high 42343.50 thereafter, it moved down, made a day low 41742.95 and closed on a negative note at 42082.25 with an intra loss 150.45 points, i.e., -0.36%, today the Nifty Bank Index must move above 42135-42215 levels; if to do so, then it may try to test 42320-42350-42470-42510-42605-42715 levels. On the other hand, any weakness near 42135-42215 further, it moves below 42045-41885-41835 then, the Index may re-visit 41730-41655-41580-41445-41340-41225 levels.

Trading Strategy: The members/followers/readers, those who booked profit near 18250 levels, try to re-invest partially near 17750-17600-17440 in Nifty 50 stocks with medium term perspective to gain 6-10% and trade with caution.

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.