18.01.23-Wednesday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, contrary to our expectation, opened on a positive note at 17922.80, our expected opening band 17880-17855; on opening move, the Index made a day low 17886.95 thereafter, it moved up, made a day high 18072.05 and closed at 18053.30 on a positive note with an intra gain 158.45 points, i.e., 0.89%.

What will happen today? 

Nifty Index: Today, the Nifty Index may open on a flat to positive note near 18055-18070-18095 levels; if open, trade and sustain above 18095 then, the index may test 18120-18150-18180-18205-18235-18265 levels. On the other hand, the immediate support lies at 18000-17970 if, the Index move below 17970 then, it may try to re-visit 17945-17905-17885-17855-17805-17780-17760 levels.

Special Mention: Yesterday, the Nifty Index moved up once again till 18072 and closed well above our threshold resistance levels i.e, 17940; today, the Index must break  levels, if it moves and sustain above 18075-18120 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 17850-17775, 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 18055-18070-18095 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 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 113 announced their Q3 earnings, the net seen a positive growth about 14.30%, when compared with a last quarter. The Net profit for Q3 stood at Rs.41,501.10 Cr. as against the Q2 net profit of Rs.36,315.80 Cr. 

Nifty Bank Index: Yesterday Nifty Bank Index, opened at 42241.20 on the opening move, it made a day high 42383.80 thereafter, it moved down, made a day low 41861.10 and closed on a positive note at 42235.05 with an intra gain 67.50 points, i.e., 0.16%, today the Nifty Bank Index must move above 42270-42310-42380 levels; if to do so, then it may try to test 42465-42525-42620-42715-42890-42945 levels. On the other hand, any weakness near 42270-42310-42380 further, it moves below 42230-42120 then, the Index may re-visit 42070-41860-41730-41640-41570-41480 levels.

Trading Strategy: The members/followers/readers, those who booked profit near 18250 levels, try to re-invest partially near 17750-17600 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.