23.01.23-Monday, 08.30 am 

Good Morning all... 

What has happened on Friday? Nifty Index, as expeted and written, opened on a flat note at 18115.60, our expected opening band 18110-18125; on opening move, the Index made a day high 18145.45 thereafter, it moved down, made a day low 18016.20 and closed at 18027.65 on a negative note with an intra loss 80.20 points, i.e., -0.44%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 18065-18095-18110 levels; if open, trade and sustain above 18110 then, the index may test 18145-18180-18205-18230-18265-18299-18330 levels. On the other hand, the immediate support lies at 18045-18015 if, the Index move below 18015 then, it may try to re-visit 17995-17970-17935-17895-17860-17825 levels.

Special Mention: On Friday, Nifty Index continued the down ward move till 18016.20 and closed below our threshold support levels  i.e, 18032; today, the Index must break 18135-18180 levels, if it moves and sustain above 18135-18180 then, it may re-test 18265-18330-18475 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 18020-17970, if the Index moves below 18020-17970-17940 then, it may try to re-visit 17860-17760-17640 levels in the near term. Let see how the Index opens today at 18065-18095-18110 levels, this week the intra volatility may be in a high note due to F&O 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.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 42516.05 on the opening move, it made a day high 42709.20 thereafter, it moved down, made a day low 42366.15 and closed on a positive note at 42506.80 with an intra gain 177.95 points, i.e., 0.42%, today the Nifty Bank Index must move above 42600-42715 levels; if to do so, then it may try to test 42800-42870-42955-43035-43110-43140 levels. On the other hand, any weakness near 42600-42715 further, it moves below 42500-42405 then, the Index may re-visit 42365-42235-42190-42120-42045-41860-41730 levels.

India Inc. Earnings:

The India Inc. Q3 (Oct-Dec'22) earnings started to announce, so far out of 4248 companies 251 announced their Q3 earnings, the net seen a positive growth about 15.70%, when compared with a last quarter. The Net profit for Q3 stood at Rs.74,342.50 Cr. as against the Q2 net profit of Rs.64,236.20 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.