30.01.23-Monday, 08.30 am 

Good Morning all... 

What has happened on Friday? Nifty Index, contrary to our expectation, opened on a negative note at 17877.20, our expected opening band 17905-17940-17970; on opening move, the Index made a day high 17884.75 thereafter, it moved down, made a day low 17493.55 and closed at 17604.25 on a negative note with an intra loss 287.70 points, i.e., -1.61%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 17605-17635 levels; if open, trade and sustain above 17635 then, the index may test 17660-17690-17715-17740-17760-17795-17845-17885 levels. On the other hand, the immediate support lies at 17585-17540 if, the Index move below 17540 then, it may try to re-visit 17495-17465-17430-17390-17345-17315 levels.

Special Mention: On Friday, Nifty Index continue the weakness-cum-panic selling till 17493.95 and closed below our threshold support levels  i.e, 17774; today, the Index must break 17660-17775 levels, if it moves and sustain above 17775-17845 then, it may re-test 17940-17995-18080-18200 levels in the near term, the Nifty Index may face strong resistance near 18080-18200 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 17500-17430-17350, if the Index moves below 17430-17315-17250 then, it may try to re-visit 17165-16950 levels in the near term. Let see how the Index opens today at 17605-17635 levels, this week the intra volatility may be in a high note due to Union Budget and weak domestic cues and India Inc results, trade with due caution and aviod aggressive long position is my advice at this juncture.

Nifty Bank Index: On Friday, Nifty Bank Index, opened at 41382.35 on the opening move, it made a day high 41417.90 thereafter, it moved down, made a day low 40148.80 and closed on a negative note at 40345.30 with an intra loss 1302.35 points, i.e., -3.13%, today the Nifty Bank Index must move above 40435-40660 levels; if to do so, then it may try to test 40780-40930-41045-41150-41270-41415-41570 levels. On the other hand, any weakness near 40435-40660 further, it moves below 40300-40150-40120 then, the Index may re-visit 39975-39845-39800-39610 levels.

India Inc. Earnings:

The India Inc. Q3 (Oct-Dec'22) earnings started to announce, so far out of 4248 companies 579 announced their Q3 earnings, the net seen a positive growth about 9.60%, when compared with a last quarter. The Net profit for Q3 stood at Rs.121,079.30 Cr. as against the Q2 net profit of Rs.110,492.30 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 further near 17600-17430-17300 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.