24.01.23-Monday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expeted and written, opened on a positive note at 18118.45, our expected opening band 18065-18095-18110; on opening move, the Index made a day low 18090.95 thereafter, it moved up, made a day high 18148.15 and closed at 18118.55 on a positive note with an intra loss 90.90 points, i.e., 0.50%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 18160-18190-18225 levels; if open, trade and sustain above 18225 then, the index may test 18240-18265-18299-18325-18345 levels. On the other hand, the immediate support lies at 18135-18085 if, the Index move below 18085 then, it may try to re-visit 18060-18015-17995-17970-17935-17895-17860-17825 levels.

Special Mention: Yesterday, Nifty Index took support near 18090 and moved up till 18162.60 and closed below our threshold support levels  i.e, 18032; today, the Index must break 18185-18225 levels, if it moves and sustain above 18225-18265 then, it may re-test 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 18160-18190-18225 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 42891.45 on the opening move, it made a day high 43005.85 thereafter, it moved down, made a day low 42727.70 and closed on a positive note at 42821.25 with an intra gain 314.45 points, i.e., 0.74%, today the Nifty Bank Index must move above 42865-43005-43080 levels; if to do so, then it may try to test 43180-43275-43370-43465 levels. On the other hand, any weakness near 42865-43005-43080 further, it moves below 42750-42650 then, the Index may re-visit 42475-42295-42165 levels.

India Inc. Earnings:

The India Inc. Q3 (Oct-Dec'22) earnings started to announce, so far out of 4248 companies 288 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.93,957.20 Cr. as against the Q2 net profit of Rs.82,116.10 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.