07.02.23-Tuesday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a negative note at 17818.55, our expected opening band 17810-17785-17860; on opening move, the Index made a day low 17698.35 thereafter, it moved up, made a day high 17823.70 and closed at 17764.60 on a negative note with an intra loss 89.45 points, i.e., -0.50%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 17785-17810-17825 levels; if open, trade and sustain above 17825 then, the index may test 17855-17870-17885-17915-17950-17970-18020-18070-18105 levels. On the other hand, the immediate support lies at 17740-17725 if, the Index move below 17725 then, it may try to re-visit 17695-17665-17640-17610-17565-17545-17505-17475-17445 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally above 17870 and formed an inside day pattern i.e., not broken the previous day high or low and closed just below threshold 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 17700-17555, if the Index moves below 17700-17555 then, it may try to re-visit 17450-17355-17250 levels in the near term. Let see how the Index opens today at 17785-17810-17825 levels, the intra volatility may be in a high note due to tomorrow's RBI MPC meet, weak global cues and India Inc. Q3 results, trade with due caution is my advice at this juncture.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 41530.15 on the opening move, it made a day high 41724.50 thereafter, it moved down, made a day low 41261.20 and closed on a negative note at 41374.65 with an intra loss 125.05 points, i.e., -0.30%, today the Nifty Bank Index must move above 41445-41540 levels; if to do so, then it may try to test 41625-41730-41850-41980-42015-42165-42320 levels. On the other hand, any weakness near 41445-41540 further, it moves below 41325-41260 then, the Index may re-visit 41135-41025-40870-40725-40720-40670-40470-40345 levels.

India Inc. Earnings:

The India Inc. Q3 (Oct-Dec'22) earnings started to announce, so far out of 4248 companies 1231 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.198,262.60 Cr. as against the Q2 net profit of Rs.179,244.30 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.