13.03.23-Monday, 08.30 am 

Good Morning all... 

What has happened on Friday? Nifty Index, as expected and written, opened on a negative note at 17443.80, our expected opening band 17505-17455-17430; on opening move, the Index made a day high 17451.50 thereafter, it moved down, made a day low 17324.35 and closed at 17412.90 on a negative note with an intra loss 176.70 points, i.e., -1%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 17425-17450 levels; if open, trade and sustain above 17450 then, the index may test 17485-17515-17560-17590-17620 levels. On the other hand, the immediate support lies at 17400-17380 if, the Index move below 17380 then, it may try to re-visit 17355-17325-17305-17290-17255 levels.

Special Mention: On Friday, Nifty Index continued the down ward move till 17324, further it closed below 17427; today, the Index must break 17485-17575 levels, if it moves and sustain above 17575 then, it may re-test 17670-17800 levels in the near term. On the other hand, the strong support lies at 17300-17255, if the Index moves below 17255 then, it may try to re-visit 17100-16950 levels in the near term. Let see how the Index opens today at 17425-17450 levels.

Nifty Bank Index: On Friday, Nifty Bank Index, opened at 40805.25 on the opening move, it made a day high 40839 thereafter, it moved down, made a day low 40341.70 and closed on a negative note at 40845.45 with an intra loss 771.70 points, i.e., -1.87%, today the Nifty Bank Index must move above 40525-40690 levels; if to do so, then it may try to test 41780-41840-41975-41100 levels. On the other hand, any weakness near 40525-40690 further, it moves below 40400-40340-40310 then, the Index may re-visit 40150-40090-39845-39720-39600 levels.

India Inc. Earnings:

India Inc. Q3 Earnings Session (Oct-Dec'22): So, far out of 4248 companies 4176 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.243,474.90 Cr. as against the Q2 net profit of Rs.243,156.70 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 Jan'23 released on 10th Mar'23-Friday, the data shows that, the Industrial production has moved up to 5.20% when compared to the December'22, it stood at 4.70%. 

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.