27.01.23-Friday, 08.30 am 

Good Morning all... 

What has happened on wednesday? Nifty Index, as expeted and written, opened on a negative note at 18093.35, our expected opening band 18115-18095-18075; on opening move, the Index made a day high 18100.60 thereafter, it moved down, made a day low 17846.15 and closed at 17891.95 on a negative note with an intra loss 226.35 points, i.e., -1.25%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 17905-17940-17970 levels; if open, trade and sustain above 17970 then, the index may test 17990-18020-18045-18095-18125-18145-18170 levels. On the other hand, the immediate support lies at 17870-17845 if, the Index move below 17845 then, it may try to re-visit 17815-17795-17775-17760-17725 levels.

Special Mention: On Wednesday, Nifty Index unable to continue the up move above 18100, the sell-off dragged the Index till 17846 and closed below our threshold support levels  i.e, 18015; today, the Index must break 18015-18100 levels, if it moves and sustain above 18015-18100 then, it may re-test 18200-18330-18475 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 17845-17775-17760 then, it may try to re-visit 17640-17430 levels in the near term. Let see how the Index opens today at 17905-17940-17970 levels, the intra volatility may be in a high note due to today's week-end factor, 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: On Wednesday, Nifty Bank Index, opened at 42703.60 on the opening move, it made a day high 42733.05 thereafter, it moved down, made a day low 41540.30 and closed on a negative note at 41647.65 with an intra loss 1085.80 points, i.e., -2.54%, today the Nifty Bank Index must move above 41820-41860-41910 levels; if to do so, then it may try to test 42020-42160-42310-42385-42475-42615 levels. On the other hand, any weakness near 41820-41860-41910 further, it moves below 41645-41540 then, the Index may re-visit 41475-41360-41215-41155-41015 levels.

India Inc. Earnings:

The India Inc. Q3 (Oct-Dec'22) earnings started to announce, so far out of 4248 companies 472 announced their Q3 earnings, the net seen a positive growth about 10.60%, when compared with a last quarter. The Net profit for Q3 stood at Rs.110,421.60 Cr. as against the Q2 net profit of Rs.99,862.90 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 17750-17600-17430 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.