17.01.23-Tuesday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, contrary to our expectation, opened on a positive note at 18033.15, our expected opening band 17975-17950; on opening move, the Index made a day high 18049.65 thereafter, it moved down, made a day low 17853.65 and closed at 17894.85 on a negative note with an intra loss 61.75 points, i.e., -0.34%.

What will happen today? 

Nifty Index: Today, the Nifty Index may open on a flat note near 17880-17855 levels; if open, trade and sustain above 17880 then, the index may test 17905-17940-17965-17990-18025-18050-18070-18100 levels. On the other hand, the immediate support lies at 17830-17800 if, the Index move below 17800 then, it may try to re-visit 17775-17745-17715-17680-17640-17585 levels.

Special Mention: Yesterday, though the Nifty Index moved up on opening till 18049.65 but the sell-off dragged once again till 17853.65 and closed below our threshold resistance levels i.e, 17940; today, the Index must break 17990-18050 levels, if it moves and sustain above 18050 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 17640-17610-17430 levels in the near term. Let see how the Index opens today at 17880-17855 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 to 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 Dec'22 released on 16th Jan-Monday, it has further come down to 4.95 Vs.5.85% (Nov'22).

India Inc. Earnings:

The India Inc. Q3 (Oct-Dec'22) earnings started to announce, so far out of 4248 companies 82 announced their Q3 earnings, the net seen a positive growth about 14.40%, when compared with a last quarter. The Net profit for Q3 stood at Rs.39,512.50 Cr. as against the Q2 net profit of Rs.34,538.80 Cr. 

Nifty Bank Index: Yesterday Nifty Bank Index, opened at 42622.50 on the opening move, it made a day high 42715.65 thereafter, it moved down, made a day low 42066.55 and closed on a negative note at 42167.55 with an intra loss 203.70 points, i.e., -0.48%, today the Nifty Bank Index must move above 42235-42320 levels; if to do so, then it may try to test 42390-42465-42525-42640-42715-42890 levels. On the other hand, any weakness near 42235-42320 further, it moves below 42065-41930-41890 then, the Index may re-visit 41810-41730-41640-41570-41480 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.