06.03.23-Monday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 17451.25, our expected opening band 17345-17375-17405; on opening move, the Index made a day low 17427.70 thereafter, it moved up, made a day high 17644.75 and closed at 17594.35 on a positive note with an intra gain 272.45 points, i.e., 1.57%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note 17595-17620-17645 levels; if open, trade and sustain above 17645 then, the index may test 17665-17695-17745-17770-17800 levels. On the other hand, the immediate support lies at 17580-17540 if, the Index move below 17540 then, it may try to re-visit 17510-17465-17430-17400-17370-17345-17305 levels.

Special Mention: On Friday, Nifty Index continued the pull back rally till 17644.75 and closed well above 17467; today, the Index must break 17645-17695 levels, if it moves and sustain above 17700 then, it may re-test 17770-18000-18135 levels in the near term. On the other hand, the strong support lies at 17600-17465, if the Index moves below 17465 then, it may try to re-visit 17300-17255-17100 levels in the near term. Let see how the Index opens today at 17595-17620-17645 levels, this week intra volatility may be in a high note due to short week and global cues, trade with due caution is my advice at this juncture.

Nifty Bank Index: On Friday, Nifty Bank Index, opened at 40671.40 on the opening move, it made a day low 40605.35 thereafter, it moved up, made a day high 41390.15 and closed on a positive note at 41251.35 with an intra gain 861.55 points, i.e., 2.13%, today the Nifty Bank Index must move above 41300-41390 levels; if to do so, then it may try to test 41470-41605-41710-41845-41980 levels. On the other hand, any weakness near 41300-41390 further, it moves below 41220-41160 then, the Index may re-visit 41075-40980-40850-40755-40605-40500-40390 levels.

India Inc. Earnings:

India Inc. Q3 Earnings Session (Oct-Dec'22): So, far out of 4248 companies 4169 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.243,155.10 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 Feb'23 released on 03rd Mar'23, it moved up to 59.40% from 57.20% (Jan'23).

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.