02.03.23-Thursday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a flat to positive note at 17360.10, our expected opening band 17300-17330-17350; on opening move, the Index made a day low 17345.25 thereafter, it moved up, made a day high 17467.75 and closed at 17450.90 on a positive note with an intra gain 146.95 points, i.e., 0.85%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note 17460-17440-17420 levels; if open, trade and sustain above 17460 then, the index may test 17500-17525-17560-17599-17620 levels. On the other hand, the immediate support lies at 17405-17385 if, the Index move below 17385 then, it may try to re-visit 17345-17305-17280-17255-17170-17140-17100 levels.

Special Mention: Yesterday, Nifty Index started the technical pull back after pausing the eight trading loosing streak, made a high  17467 and closed just above 17440; today, the Index must break 17467-17500 levels, if it moves and sustain above 17500 then, it may re-test 17600-17695-17770-18000 levels in the near term. On the other hand, the strong support lies at 17345-17255, if the Index moves below 17255 then, it may try to re-visit 17145-17100-16950 levels in the near term. Let see how the Index opens today at 17460-17440-17420 levels, the intra volatility may be in a high note due to today's option weekly 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 40473.85 on the opening move, it made a day low 40341.95 thereafter, it moved up, made a day high 40725.35 and closed on a positive note at 40698.15 with an intra gain 429.10 points, i.e., 1.07%, today the Nifty Bank Index must move above 40725-40790-40830 levels; if to do so, then it may try to test 40930-41070-41175-41280 levels. On the other hand, any weakness near 40725-40790-40830 further, it moves below 40620-40530 then, the Index may re-visit 40435-40370-40345-40240-40150-40070 levels.

India Inc. Earnings:

India Inc. Q3 Earnings Session (Oct-Dec'22): So, far out of 4248 companies 4167 announced their Q3 earnings, the net profit seen a flat to positive growth about 0.10%, when compared with a last quarter. The Net profit for Q3 stood at Rs.243,474.70 Cr. as against the Q2 net profit of Rs.243,155.20 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 Q3 ending Dec'22 released on 28th Feb'23, the GDP slipped into 4.40% Vs.6.30% (Q2-Sep'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 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.