16.02.23-Thursday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a negative note at 17896.60, our expected opening band 17915-17885-17865; on opening move, the Index made a day low 17853.80 thereafter, it moved up, made a day high 18034.10 and closed at 18015.85 on a positive note with an intra gain 86 points, i.e., 0.48%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 18040-18080 levels; if open, trade and sustain above 18080 then, the index may test 18100-18145-18200-18230-18265 levels. On the other hand, the immediate support lies at 17970-17955 if, the Index move below 17955 then, it may try to re-visit 17910-17875-17855-17800-17775 levels.

Special Mention: Yesterday, Nifty Index surpassed our major threshold resistance levels i.e., 17972, made a high 18034.10 and closed above 17972; today, the Index must break 18040-18080 levels, if it moves and sustain above 18080-18120 then, it may re-test 18200-18345-18405 levels in the near term. On the other hand, the strong support lies at 17970-17775, if the Index moves below 17775-17650 then, it may try to re-visit 17555-17430-17355 levels in the near term. Let see how the Index opens today at 18040-18080 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 41674.60 on the opening move, it made a day low 41455.60 thereafter, it moved up, made a day high 41795.45 and closed on a positive note at 41731.05 with an intra gain 82.70 points, i.e., 0.20%, today the Nifty Bank Index must move above 41795-41885 levels; if to do so, then it may try to test 42015-42155-42295-42375-42480 levels. On the other hand, any weakness near 41795-41885 further, it moves below 41695-41515 then, the Index may re-visit 41455-41360-41255-41160 levels.

India Inc. Earnings:

India Inc. Q3 Earnings Session (Oct-Dec'22): So, far out of 4248 companies 3797 announced their Q3 earnings, the net profit seen a positive growth about 0.20%, when compared with a last quarter. The Net profit for Q3 stood at Rs.242,333.10 Cr. as against the Q2 net profit of Rs.241,908.90 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 Jan'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 18040-18100-18200 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.