16.01.23-Monday, 08.30 am 

Good Morning all... 

What has happened on Friday? Nifty Index, as expected and written, opened on a positive note at 17867.50, our expected opening band 17865-17890-17905; on opening move, the Index made a day low 17774.25 thereafter, it moved down, made a day high 17999.35 and closed at 17956.60 on a positive note with an intra gain 98.40 points, i.e., 0.55%.

What will happen today? 

Nifty Index: Today, the Nifty Index may open on a flat note near 17975-17950-17935 levels; if open, trade and sustain above 17975 then, the index may test 17999-18030-18060-18095-18110-18140 levels. On the other hand, the immediate support lies at 17915-17885 if, the Index move below 17885 then, it may try to re-visit 17850-17825-17800-17775-17745-17715-17680-17640 levels.

Special Mention: On Friday, the Nifty Index t0ok support near our threshold support levels i.e., 17775, made a day low 17774.25 and closed just above our threshold resistance levels i.e, 17940; today, the Index must break 17995-18010-18070 levels, if it moves and sustain above 18070 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 17975-17950-17935 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 long/short position unless the Nifty Index moves either below 17775 or 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. Q3 (Oct-Dec'22) earnings started to announce, so far out of 4248 companies 65 announced their Q3 earnings, the net seen a positive growth about 5.70%, when compared with a last quarter. The Net profit for Q3 stood at Rs.22,828.30 Cr. as against the Q2 net profit of Rs.21,605.20 Cr. 

Nifty Bank Index: Yesterday Nifty Bank Index, opened at 42171.25 on the opening move, it made a day low 41885.60 thereafter, it moved up, made a day high 42453.395 and closed on a positive note at 42371.25 with an intra gain 289 points, i.e., 0.69%, today the Nifty Bank Index must move above 42390-42455 levels; if to do so, then it may try to test 42510-42605-42655-42705-42760-42870-42955 levels. On the other hand, any weakness near 42390-42455 further, it moves below 42265-42170 then, the Index may re-visit 42020-41950-41885-41730-41570 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.

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Wishing you for a safe, secured and profitable trading.