02.02.23-Thursday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 17811.60, our expected opening band 17700-17735-17760; on opening move, the Index made a day high 17972.20 thereafter, the sell-off dragged the index, made a day low 17353.40, further it moved up and closed at 17616.30 on a negative note with an intra loss 45.85 points, i.e., -0.26%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note near 17590-17545-17500 levels; if open, trade and sustain above 17600-17675 then, the index may test 17705-17735-17760-17790-17835-17870-17900-17935-17970 levels. On the other hand, the immediate support lies at 17545-17500 if, the Index move below 17500 then, it may try to re-visit 17470-17425-17400-17355-17320-17285-17235-17185 levels.

Special Mention: Yesterday, Nifty Index though it continued the pull back rally till 17972, the huge sell-off dragged the Index till 17353 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 17970-18080-18200 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 17405-17315, if the Index moves below 17405-17315 then, it may try to re-visit 17250-17165-16950 levels in the near term. Let see how the Index opens today at 17590-17545-17500 levels, the intra volatility may be in a high note due to today's weekly option expiry and tomorrow's week-end factor, trade with due caution is my advice at this juncture.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 41115 on the opening move, it made a day high 42015.65 thereafter, it moved up, made a day low 39490.50 and closed on a negative note at 40513 with an intra loss 142.05 points, i.e., -0.35%, today the Nifty Bank Index must move above 40665-40750 levels; if to do so, then it may try to test 40900-41050-41165-41275-41370-41475-41600-41725-41810 levels. On the other hand, any weakness near 40665-40750 further, it moves below 40470-40300 then, the Index may re-visit 40195-40090-39975-39790-39610-39490-39420-39230-39145 levels.

India Inc. Earnings:

The India Inc. Q3 (Oct-Dec'22) earnings started to announce, so far out of 4248 companies 843 announced their Q3 earnings, the net seen a positive growth about 11.40%, when compared with a last quarter. The Net profit for Q3 stood at Rs.154,835.20 Cr. as against the Q2 net profit of Rs.138,975 Cr. 

INDIA's Macro Data:

On 01st Feb'23, the S&P Global Manufacturing PMI data for the month of Jan'23 released, it dropped to 55.40% from 57.80% (Dec'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 keep invest further near 17350-16950 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.