14.02.23-Tuesday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a flat note at 17859.10, our expected opening band 17855-17876; on opening move, the Index made a day high 17880.70 thereafter, it moved down, made a day low 17719.75 and closed at 17770.90 on a negative note with an intra loss 85.60 points, i.e., -0.48%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 17775-17800 levels; if open, trade and sustain above 17800 then, the index may test 17835-17860-17875-17917-17950-17970-17985-18020 levels. On the other hand, the immediate support lies at 17760-17735 if, the Index move below 17735 then, it may try to re-visit 17720-17675-17655-17605-17585-17540-17500 levels.

Special Mention: Yesterday, Nifty Index continued the down trend, made a low 17719.75 and closed just below our threshold support levels i.e., 17775; today, the Index must break 17880-17915-17970 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 WPI Inflation data, domestic and global cues, trade with due caution is my advice at this juncture.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 41563.50 on the opening move, it made a day high 41662.55 thereafter, it moved down, made a day low 41157.90 and closed on a negative note at 41282.20 with an intra loss 277.20 points, i.e., 0.67%, today the Nifty Bank Index must move above 41380-41470 levels; if to do so, then it may try to test 41515-41605-41660-41790-41895-41940-42015 levels. On the other hand, any weakness near 41380-41470 further, it moves below 41240-41160 then, the Index may re-visit 41095-41020-40870-40720-40610 levels.

India Inc. Earnings:

The India Inc. Q3 (Oct-Dec'22) earnings started to announce, so far out of 4248 companies 2792 announced their Q3 earnings, the net seen a positive growth about 4.80%, when compared with a last quarter. The Net profit for Q3 stood at Rs.235,947.50 Cr. as against the Q2 net profit of Rs.225,204.30 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 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 Janc'23 releasd on 13th Feb'23-Monday, it shows that the Inflation has gone up further to 6.52% from Dec'22 level i.e., 5.72%.

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.