27.02.23-Monday, 08.30 am 

Good Morning all... 

What has happened on Friday? Nifty Index, as expected and written, opened on a positive note at 17591.35, our expected opening band 17535-157570-17590; on opening move, the Index made a day high 17599.75 thereafter, it moved down, made a day low 17420.80 and closed at 17465.80 on a negative note with an intra loss 45.45 points, i.e., -0.26%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note 17465-17440-17420 levels; if open, trade and sustain above 17465 then, the index may test 17480-17510-17545-17580-17600-17615-17645-17670-17695-17710 levels. On the other hand, the immediate support lies at 17420-17375 if, the Index move below 17375 then, it may try to re-visit 17355-17315-17285-17255-17200 levels.

Special Mention: On Friday, Nifty Index continued the down trend till 17420.80 and closed well below 17535; today, the Index must break 17535-17600 levels, if it moves and sustain above 17600 then, it may re-test 17770-17920-18000 levels in the near term. On the other hand, the strong support lies at 17420-17355, if the Index moves below 17420-17355 then, it may try to re-visit 17255-17000-16950 levels in the near term. Let see how the Index opens today at 17465-17440-17420 levels, the intra volatility may be in a high note due to weak global and domestic cues, trade with due caution is my advice at this juncture.

Nifty Bank Index: On Friday, Nifty Bank Index, opened at 40259.10 on the opening move, it made a day high 40348.10 thereafter, it moved up, made a day low 39818.90 and closed on a negative note at 39909.40 with an intra loss 92.13 points, i.e., -0.23%, today the Nifty Bank Index must move above 40065-40195 levels; if to do so, then it may try to test 40285-40350-40490-40530-40660-40790 levels. On the other hand, any weakness near 40065-40195 further, it moves below 39945-39820 then, the Index may re-visit 39675-39550-39420-39265-39150 levels.

India Inc. Earnings:

India Inc. Q3 Earnings Session (Oct-Dec'22): So, far out of 4248 companies 4161 announced their Q3 earnings, the net profit seen a flat to positive growth about 0.30%, when compared with a last quarter. The Net profit for Q3 stood at Rs.243,458.30 Cr. as against the Q2 net profit of Rs.242,857.70 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 booked profit near 18100, try to buy partially near 17450-17350-17250 levels in Nifty50 stocks for medium term perspective to gain 6-9%

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Wishing you for a safe, secured and profitable trading.