20.01.23-Friday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expeted and written, opened on a negative note at 18119.80, our expected opening band 18140-18125-18095; on opening move, the Index made a day low 18063.75 thereafter, it moved up, made a day high 18155.20 and closed at 18165.35 on a negative note with an intra loss 57.50 points, i.e., -0.32%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 18110-18125-18135 levels; if open, trade and sustain above 18135 then, the index may test 18155-18180-18205-18225-18265-18299-18330 levels. On the other hand, the immediate support lies at 18085-18060 if, the Index move below 18060 then, it may try to re-visit 18038-18030-18000-17970-17945-17930-17895-17860 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally beyond 18180 and formed an inside day pattern i.e., not broken the previous day high or low point and closed above our threshold resistance levels i.e, 18070; today, the Index must break 18185-18225 levels, if it moves and sustain above 18185-18225 then, it may re-test 18265-18330 levels in the near term, the Nifty Index may face strong resistance near 18265-18330 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 18060-17970, if the Index moves below 17970-17940 then, it may try to re-visit 17860-17760-17640 levels in the near term. Let see how the Index opens today at 18110-18125-18135 levels, the intra volatility may be in a high note due to today's week-end factor, India Inc results and weak global cues, trade with due caution and aviod aggressive long/short position unless the Nifty Index moves either below 17775 or above 18265 levels.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 42416.30 on the opening move, it made a day high 42506.25 thereafter, it moved down, made a day low 42234.90 and closed on a negative note at 42328.85 with an intra loss 129.15 points, i.e., -0.30%, today the Nifty Bank Index must move above 42385-42505 levels; if to do so, then it may try to test 42580-42655-42760-42870-42955-43035 levels. On the other hand, any weakness near 42385-42505 further, it moves below 42300-42235 then, the Index may re-visit 42160-42120-42000-41860-41730 levels.

India Inc. Earnings:

The India Inc. Q3 (Oct-Dec'22) earnings started to announce, so far out of 4248 companies 180 announced their Q3 earnings, the net seen a positive growth about 11.80%, when compared with a last quarter. The Net profit for Q3 stood at Rs.52,619.70 Cr. as against the Q2 net profit of Rs.47,082.10 Cr. 

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).

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.

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Wishing you for a safe, secured and profitable trading.