20.02.23-Monday, 08.30 am 

Good Morning all... 

What has happened on Friday? Nifty Index, as expected and written, opened on a negative note at 17974.85, our expected opening band 18000-17970; on opening move, the Index made a day high 18034.25 thereafter, it moved down, made a day low 17884.60 and closed at 17944.20 on a negative note with an intra loss 91.65 points, i.e., -0.51%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 17955-17970-17990 levels; if open, trade and sustain above 17990 then, the index may test 18015-18035-18060-18075-18105-18135-18165-18200 levels. On the other hand, the immediate support lies at 17920-17885 if, the Index move below 17885 then, it may try to re-visit 17845-17820-17800-17770-17745-17720 levels.

Special Mention: On Friday, Nifty Index unable to continue the pull back rally beyond 18135, the weakness dragged the Index till 17884.60 and closed below 17972; today, the Index must break 18000-18135 levels, if it moves and sustain above 18000-18135 then, it may re-test 18200-18345-18405 levels in the near term. On the other hand, the strong support lies at 17840-17770, if the Index moves below 17840-17770 then, it may try to re-visit 17540-17445-17355 levels in the near term. Let see how the Index opens today at 17955-17970-17990 levels, this week, the intra volatility may be in a high note due to F&O Expiry and global cues, trade with due caution is my advice at this juncture.

Nifty Bank Index: On Friday, Nifty Bank Index, opened at 41514 on the opening move, it made a day high 41516.30 thereafter, it moved down, made a day low 40882.70 and closed on a negative note at 41131.75 with an intra loss 499.60 points, i.e., -1.20%, today the Nifty Bank Index must move above 40955-41030-41180 levels; if to do so, then it may try to test 41275-41330-41380-41445-41520-41610-41690 levels. On the other hand, any weakness near 40955-41030-41080 further, it moves below 40710-40610 then, the Index may re-visit 40455-40350-40240-40130-40025 levels.

India Inc. Earnings:

India Inc. Q3 Earnings Session (Oct-Dec'22): So, far out of 4248 companies 4018 announced their Q3 earnings, the net profit seen a negative growth about -0.10%, when compared with a last quarter. The Net profit for Q3 stood at Rs.249,354.00 Cr. as against the Q2 net profit of Rs.243,516.10 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.