09.02.23-Thursday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a flat to positive note at 17750.30, our expected opening band 17720-17735-17765; on opening move, the Index made a day low 17744.15 thereafter, it moved up, made a day high 17898.70 and closed at 17871.70 on a positive note with an intra gain 150.20 points, i.e., 0.85%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 17870-17880-17895 levels; if open, trade and sustain above 17895 then, the index may test 17915-17945-17970-17985-18020-18060-18078-18105 levels. On the other hand, the immediate support lies at 17840-17815 if, the Index move below 17815 then, it may try to re-visit 17790-17760-17745-17705-17660-17635-17605-17540-17500 levels.

Special Mention: Yesterday, Nifty Index continued the up trend, made a high 17898.70 and closed well above our threshold resistance levels i.e., 17775; today, the Index must break 17900-17970 levels, if it moves and sustain above 17900-17970 then, it may re-test 18080-18120-18200 levels in the near term, the Nifty Index may face strong resistance near 18120-18200 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 17715-17555, if the Index moves below 17715-17555 then, it may try to re-visit 17450-17355-17250 levels in the near term. Let see how the Index opens today at 17870-17880-17895 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 41542.05 on the opening move, it made a day high 41791.95 thereafter, it moved down, made a day low 41403.05 and closed on a positive note at 41537.65 with an intra gain 46.70 points, i.e., 0.11%, today the Nifty Bank Index must move above 41610-41680 levels; if to do so, then it may try to test 41725-41790-41895-41940-42005-42150-42295 levels. On the other hand, any weakness near 41610-41680 further, it moves below 41460-41400 then, the Index may re-visit 41285-41190-41160-41095-40990-40885-40755 levels.

India Inc. Earnings:

The India Inc. Q3 (Oct-Dec'22) earnings started to announce, so far out of 4248 companies 1553 announced their Q3 earnings, the net seen a positive growth about 10.50%, when compared with a last quarter. The Net profit for Q3 stood at Rs.207,708.10 Cr. as against the Q2 net profit of Rs.187,923 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 08th Feb'23-Wednesday,  the MPC increased the Repo rate by 25 bps from 6.25% to 6.50%.

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 bought near 17350 levels, try to book profit partially near 17900-17970-18100 levels or the stocks you bought given profit 6-9% and hold rest.

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Wishing you for a safe, secured and profitable trading.