22.02.23-Wednesday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a flat to positive note at 17905.80, our expected opening band 17845-17865-17880; on opening move, the Index made a day high 17924.90 thereafter, it moved down, made a day low 17800.30 and closed at 17826.70 on a negative note with an intra loss 17.90 points, i.e., -0.10%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note 17800-17770-17745 levels; if open, trade and sustain above 17800 then, the index may test 17830-17860-17910-17925-17960-18000 levels. On the other hand, the immediate support lies at 17770-17745-17720 if, the Index move below 17720 then, it may try to re-visit 17695-17670-17655-17625-17585-17540 levels.

Special Mention: Yesterday, Nifty Index continued the down trend for third consecutive trading sessions till 17800 and closed below 17877; today, the Index must break 18005-18135 levels, if it moves and sustain above 18005-18135 then, it may re-test 18200-18345-18405 levels in the near term. On the other hand, the strong support lies at 17770-17720, if the Index moves below 17770-17720 then, it may try to re-visit 17540-17445-17355 levels in the near term. Let see how the Index opens today at 17800-17770-17720 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: Yesterday, Nifty Bank Index, opened at 40784.90 on the opening move, it made a day low 40508.25 thereafter, it moved up, made a day high 40946.20 and closed on a negative note at 40673.60 with an intra loss 28.10 points, i.e., -0.07%, today the Nifty Bank Index must move above 40675-40770 levels; if to do so, then it may try to test 40820-40940-41065-41160-41290-41445-41520 levels. On the other hand, any weakness near 40675-40770 further, it moves below 40585-40510-40455 then, the Index may re-visit 40390-40285-40150-40025-39890-39760 levels.

India Inc. Earnings:

India Inc. Q3 Earnings Session (Oct-Dec'22): So, far out of 4248 companies 4079 announced their Q3 earnings, the net profit seen a negative growth about -0.20%, when compared with a last quarter. The Net profit for Q3 stood at Rs.243,270.90 Cr. as against the Q2 net profit of Rs.243,648.30 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 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.