17.02.23-Friday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 18094.75, our expected opening band 18040-18080; on opening move, the Index made a day high 18134.75 thereafter, it moved down, made a day low 18000.65 and closed at 18035.85 on a positive note with an intra gain 20 points, i.e., 0.11%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 18000-17970 levels; if open, trade and sustain above 18000 then, the index may test 18035-18065-18100-18120-18135-18185-18200 levels. On the other hand, the immediate support lies at 17970-17950-17925 if, the Index move below 17925 then, it may try to re-visit 17885-17855-17820-17775-17720 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally till 18134.75 and closed above 17972; today, the Index must break 18095-18135 levels, if it moves and sustain above 18095-18135 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 18000-17970 levels, the intra volatility may be in a high note due to today's week-end factor and weak global cues, trade with due caution is my advice at this juncture.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 41925.70 on the opening move, it made a day high 41979.10 thereafter, it moved down, made a day low 41521.95 and closed on a negative note at 41631.35 with an intra loss 99.70 points, i.e., -0.24%, today the Nifty Bank Index must move above 41750-41795-41860 levels; if to do so, then it may try to test 41980-42035-42100-42295-42480 levels. On the other hand, any weakness near 41750-41795-41860 further, it moves below 41520-41455-41400 then, the Index may re-visit 41350-41255-41155-41000 levels.

India Inc. Earnings:

India Inc. Q3 Earnings Session (Oct-Dec'22): So, far out of 4248 companies 3918 announced their Q3 earnings, the net profit seen a flat growth about 0.00%, when compared with a last quarter. The Net profit for Q3 stood at Rs.242,973.80 Cr. as against the Q2 net profit of Rs.243,066.90 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.

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Wishing you for a safe, secured and profitable trading.