15.02.23-Wednesday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 17840.35, our expected opening band 17775-17800; on opening move, the Index made a day low 17800.05 thereafter, it moved up, made a day high 17954.55 and closed at 17929.85 on a positive note with an intra gain 158.95 points, i.e., 0.89%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 17915-17885-17865 levels; if open, trade and sustain above 17915 then, the index may test 17935-17955-17972-17995-18020-18060 levels. On the other hand, the immediate support lies at 17865-17840 if, the Index move below 17840 then, it may try to re-visit 17800-17775-17745-17720-17695-17655 levels.

Special Mention: Yesterday, Nifty Index failed to surpass our major threshold resistance levels i.e., 17972, made a high 17954.55 and closed just above 17920; today, the Index must break 17955-17972 levels, if it moves and sustain above 17955-17972 then, it may re-test 18080-18120-18200-18345 levels in the near term. On the other hand, the strong support lies at 17720-17650, if the Index moves below 17650-17555 then, it may try to re-visit 17430-17355-17250 levels in the near term. Let see how the Index opens today at 17915-17885-17865 levels, the intra volatility may be in a high note due to tomorrow's weekly option expiry, weak domestic and global cues, trade with due caution is my advice at this juncture.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 41410.45 on the opening move, it made a day low 41195.75 thereafter, it moved up, made a day high 41718 and closed on a positive note at 41648.35 with an intra gain 366.15 points, i.e., 0.67%, today the Nifty Bank Index must move above 41625-41720-41790 levels; if to do so, then it may try to test 41835-41895-41940-42015 levels. On the other hand, any weakness near 41625-41720-41790 further, it moves below 41565-41500-41390 then, the Index may re-visit 41320-41255-41150-41095-41055-40995-40885 levels.

India Inc. Earnings:

India Inc. Q3 Earnings Session (Oct-Dec'22): So, far out of 4248 companies 3447 announced their Q3 earnings, the net profit seen a positive growth about 2.90%, when compared with a last quarter. The Net profit for Q3 stood at Rs.241,769.70 Cr. as against the Q2 net profit of Rs.234,933.20 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 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 Jan'23 released on 14th Feb-Tuesday, it has further come down to 4.73 Vs.4.95% (Dec'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.