03.03.23-Friday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a flat to negative note at 17421.50, our expected opening band 17460-17440-17420; on opening move, the Index made a day high 17445.80 thereafter, it moved down, made a day low 17306 and closed at 17321.90 on a negative note with an intra loss 129 points, i.e., -0.74%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note 17345-17375-17405 levels; if open, trade and sustain above 17405 then, the index may test 17420-17445-17465-17485-17500-17525-17560-17599-17620 levels. On the other hand, the immediate support lies at 17320-17305 if, the Index move below 17305 then, it may try to re-visit 17280-17255-17170-17140-17100 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally and closed well below 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 17350-17305-17255, 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 17345-17375-17405 levels, the intra volatility may be in a high note due to today's week-end factor, trade with due caution is my advice at this juncture.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 40604.55 on the opening move, it made a day high 40773.25 thereafter, it moved down, made a day low 40312.50 and closed on a negative note at 40389.80 with an intra loss 308.35 points, i.e., -0.76%, today the Nifty Bank Index must move above 40420-40500 levels; if to do so, then it may try to test 40640-40720-40770-40900-41070-41175-41280 levels. On the other hand, any weakness near 40420-40500 further, it moves below 40360-40310 then, the Index may re-visit 40190-40075-39995-39880-39745 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 Mar'23, the S&P Global Manufacturing PMI data for the month of Feb'23 released, it dropped to 55.30% from 55.40% (Jan'23). 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.