01.02.23-Wednesday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 17731.45, our expected opening band 17650-17675-17710; on opening move, the Index made a day high 17735.70 thereafter, it moved down, made a day low 17537.55 and closed at 17662.15 on a positive note with an intra gain 13.20 points, i.e., 0.07%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 17700-17735-17760 levels; if open, trade and sustain above 17760 then, the index may test 17775-17800-17845-17885-17910-17945-17970-18030-18070 levels. On the other hand, the immediate support lies at 17600-17560 if, the Index move below 17560 then, it may try to re-visit 17535-17530-17490-17440-17405-17365-17320 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally till 17735 and closed above  i.e, 17605; today, the Index must break 17775-17805 levels, if it moves and sustain above 17775-17805 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 18345-18450-18570 levels. On the other hand, the strong support lies at 17530-17405, if the Index moves below 17530-17405 then, it may try to re-visit 17315-17250-17165-16950 levels in the near term. Let see how the Index opens today at 17700-17735-17760 levels, the intra volatility may be in a high note due to today's Union Budget adn tomorrow's weekly option expiry, trade with due caution is my advice at this juncture.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 40563.85 on the opening move, it made a day low 40167.70 thereafter, it moved up, made a day high 40811.65 and closed on a positive note at 40655.05 with an intra gain 267.60 points, i.e., 0.66%, today the Nifty Bank Index must move above 40810-40985 levels; if to do so, then it may try to test 41130-41250-41415-41540-41680-41845-42000 levels. On the other hand, any weakness near 40810-40985 further, it moves below 40655-40475 then, the Index may re-visit 40320-40245-40170-39975-39845-39740-39580-39420-39230 levels.

India Inc. Earnings:

The India Inc. Q3 (Oct-Dec'22) earnings started to announce, so far out of 4248 companies 760 announced their Q3 earnings, the net seen a positive growth about 14.20%, when compared with a last quarter. The Net profit for Q3 stood at Rs.149,823.40 Cr. as against the Q2 net profit of Rs.131,217.20 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 further near 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.