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 17885.50, our expected opening band 17870-17880-17895; on opening move, the Index made a day low 17779.80 thereafter, it moved up, made a day high 17916.90 and closed at 17893.45 on a positive note with an intra gain 21.75 points, i.e., 0.12%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note with gap down by tracking global indices near 17850-17825 levels; if open, trade and sustain above 17850 then, the index may test 17875-17900-17915-17950-17970-17985-18020-18060-18078-18105 levels. On the other hand, the immediate support lies at 17825-17780 if, the Index move below 17780 then, it may try to re-visit 17745-17715-17685-17655-17635-17605-17580-17540-17500 levels.

Special Mention: Yesterday, Nifty Index continued the up trend, made a high 17916.90 and closed well above our threshold support levels i.e., 17775; today, the Index must break 17915-17970 levels, if it moves and sustain above 17915-17970 then, it may re-test 18080-18120-18200 levels in the near term, the Nifty Index may face strong resistance near 17970-18015 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 17655-17555, if the Index moves below 17655-17555 then, it may try to re-visit 17430-17355-17250 levels in the near term. Let see how the Index opens today at 17850-17825 levels, the intra volatility may be in a high note due to today's week-end factor, IIP data and weak global cues, trade with due caution is my advice at this juncture.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 41634 on the opening move, it made a day high 41634 thereafter, it moved down, made a day low 41252.95 and closed on a positive note at 41554.30 with an intra gain 16.65 points, i.e., 0.04%, today the Nifty Bank Index must move above 41550-41635 levels; if to do so, then it may try to test 41735-41795-41895-41940-42005-42150-42295 levels. On the other hand, any weakness near 41550-41635 further, it moves below 41470-41345 then, the Index may re-visit 41255-41150-41095-40990-40885-40750-40610 levels.

India Inc. Earnings:

The India Inc. Q3 (Oct-Dec'22) earnings started to announce, so far out of 4248 companies 1784 announced their Q3 earnings, the net seen a positive growth about 11.20%, when compared with a last quarter. The Net profit for Q3 stood at Rs.215,708.10 Cr. as against the Q2 net profit of Rs.194,034.40 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.