06.02.23-Monday, 08.30 am 

Good Morning all... 

What has happened on Friday? Nifty Index, as expected and written, opened on a negative note at 17721.75, our expected opening band 17610-17630-17660; on opening move, the Index made a day low 17584.20 thereafter, it moved up, made a day high 17870.30 and closed at 17610.40 on a flat to negative note with an intra loss 5.90 points, i.e., -0.03%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note near 17810-17785-17760 levels; if open, trade and sustain above 17810-17835-17870 then, the index may test 17915-17950-17970-18020-18070 levels. On the other hand, the immediate support lies at 17770-17720 if, the Index move below 17720 then, it may try to re-visit 17695-550-17650-17610-17585-17545-17505-17475-17445 levels.

Special Mention: On Friday, Nifty Index continued the pull back rally till 17870 and closed below our resistance levels i.e., 17775; today, the Index must break 17870-17950 levels, if it moves and sustain above 17870-17950 then, it may re-test 18020-18080-18200 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 17735-17445, if the Index moves below 17735-17445 then, it may try to re-visit 17355-17250-17165 levels in the near term. Let see how the Index opens today at 17810-17785-17760 levels, this week the intra volatility may be in a high note due to RBI MPC meet, weak global cues  and India Inc. Q3 results, trade with due caution is my advice at this juncture.

Nifty Bank Index: On Friday, Nifty Bank Index, opened at 41019.35 on the opening move, it made a day low 40609.75 thereafter, it moved up, made a day high 41539.95 and closed on a positive note at 41499.70 with an intra gain 830.40 points, i.e., +2.04%, today the Nifty Bank Index must move above 41540-41730 levels; if to do so, then it may try to test 41790-41920-42015-42165-42320 levels. On the other hand, any weakness near 41540-41730 further, it moves below 41340-41265 then, the Index may re-visit 41155-41075-40985-40830-40755-40720-40610-40480 levels.

India Inc. Earnings:

The India Inc. Q3 (Oct-Dec'22) earnings started to announce, so far out of 4248 companies 1157 announced their Q3 earnings, the net seen a positive growth about 10.90%, when compared with a last quarter. The Net profit for Q3 stood at Rs.194,300 Cr. as against the Q2 net profit of Rs.175,196.50 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 Jan'23 released on 03rd Feb'23, it dropped to 57.20% from 58.50% (Dec'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.