13.02.23-Monday, 08.30 am 

Good Morning all... 

What has happened on Friday? Nifty Index, as expected and written, opened on a negative note at 17847.55, our expected opening band 17850-17825; on opening move, the Index made a day low 17801 thereafter, it moved up, made a day high 17876.95 and closed at 17856.50 on a negative note with an intra loss 20.60 points, i.e., -0.21%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 17855-17876 levels; if open, trade and sustain above 17876 then, the index may test 17900-17917-17950-17970-17985-18020-18060-18078-18105 levels. On the other hand, the immediate support lies at 17825-17800 if, the Index move below 17800 then, it may try to re-visit 17780-17745-17715-17685-17655-17635-17605-17580-17540-17485 levels.

Special Mention: On Friday, Nifty Index unable to continue the up trend, made a high 17876.95 and closed well above our threshold support levels i.e., 17775; today, the Index must break 17875-17915-17970 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 17855-17876 levels, this week the intra volatility may be in a high note due to Inflation data, weak domestic and global cues, trade with due caution is my advice at this juncture.

Nifty Bank Index: On Friday, Nifty Bank Index, opened at 41452.40 on the opening move, it made a day low 41424.90 thereafter, it moved up, made a day high 41678.90 and closed on a flat to positive note at 41559.40 with an intra gain 5.10 points, i.e., 0.01%, today the Nifty Bank Index must move above 41605-41678 levels; if to do so, then it may try to test 41745-41795-41895-41940-42010-42150-42295 levels. On the other hand, any weakness near 41495-41425 further, it moves below 41355-41253 then, the Index may re-visit 41190-41095-40990-40885-40750-40610 levels.

India Inc. Earnings:

The India Inc. Q3 (Oct-Dec'22) earnings started to announce, so far out of 4248 companies 2371 announced their Q3 earnings, the net seen a positive growth about 4.90%, when compared with a last quarter. The Net profit for Q3 stood at Rs.231,143.10 Cr. as against the Q2 net profit of Rs.220,405.20 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 Dec'22 released on 10th Feb'23-Friday, the data shows that, the Industrial production has dropped down to 4.30% when compared to the November'22, it stood at 7.30%. 

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.

For further details please do call us on 98410 48022 or contact thro' WhatsApp: 99624 70636. Please read carefully, the Disclaimer published in the Disclaimer page.

Wishing you for a safe, secured and profitable trading.