14.03.23-Tuesday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a flat note at 17421.90, our expected opening band 17425-17450; on opening move, the Index made a day high 17529.90 thereafter, it moved down, made a day low 17113.45 and closed at 17154.30 on a negative note with an intra loss 258.60 points, i.e., -1.49%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 17155-17175-17200 levels; if open, trade and sustain above 17200 then, the index may test 17225-17255-17275-17320-17370-17405-17440-17480-17530 levels. On the other hand, the immediate support lies at 17115-17035-17000 if, the Index move below 17000 then, it may try to re-visit 16975-16950-16900-16875-16845-16800-16750 levels.

Special Mention: Yesterday, Nifty Index continued the down ward move till 17113.45, further it closed below 17255; today, the Index must break 17255-17440 levels, if it moves and sustain above 17440 then, it may re-test 17530-17800 levels in the near term. On the other hand, the strong support lies at 17100-16950, if the Index moves below 16950 then, it may try to re-visit 16750-16680 levels in the near term. Let see how the Index opens today at 17155-17175-17200 levels.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 40356.10 on the opening move, it made a day high 40690.05 thereafter, it moved down, made a day low 39454.60 and closed on a negative note at 39564.70 with an intra loss 920.75 points, i.e., -2.27%, today the Nifty Bank Index must move above 39690-39745 levels; if to do so, then it may try to test 39955-40070-40145-40215-40330-40425-40550-40690-40825-40920 levels. On the other hand, any weakness near 39690-39745 further, it moves below 39455-39230 then, the Index may re-visit 39120-39000-38850-38765-38580-38400 levels.

India Inc. Earnings:

India Inc. Q3 Earnings Session (Oct-Dec'22): So, far out of 4248 companies 4179 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.243,474.20 Cr. as against the Q2 net profit of Rs.243,157.10 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 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 Feb'23 releasd on 13th Mar'23-Monday, it shows that the Inflation has marginally come down to 6.44% from Jan'23 level i.e., 6.52%.

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 17100-16950 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.