15.03.23-Wednesday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a flat note at 17160.55, our expected opening band 17155-17175-17200; on opening move, the Index made a day high 17224.65 thereafter, it moved down, made a day low 16987.10 and closed at 17043.30 on a negative note with an intra loss 111 points, i.e., -0.65%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 17080-17105-17135 levels; if open, trade and sustain above 17135 then, the index may test 17155-17180-17195-17225-17255-17290-17315 levels. On the other hand, the immediate support lies at 17045-17015 if, the Index move below 17015 then, it may try to re-visit 16985-16955-16920-16875-16845-16800-16750 levels.

Special Mention: Yesterday, Nifty Index continued the down ward move till 16987.10 and , further it closed below 17255; today, the Index must break 17180-17225-17255 levels, if it moves and sustain above 17255 then, it may re-test 17530-17800 levels in the near term. On the other hand, the strong support lies at 16950-16750, if the Index moves below 16750 then, it may try to re-visit 16680-16390 levels in the near term. Let see how the Index opens today at 17080-17105-17135 levels, trade with due caution and avoid aggressive long position.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 39522.40 on the opening move, it made a day high 39768.50 thereafter, it moved down, made a day low 39132.60 and closed on a negative note at 39411.40 with an intra loss 153.30 points, i.e., -0.39%, today the Nifty Bank Index must move above 39540-39600-39630 levels; if to do so, then it may try to test 39770-39940-40150-40275-40340-40400-40600 levels. On the other hand, any weakness near 39540-39600-39630 further, it moves below 39400-39280 then, the Index may re-visit 39200-39130-38960-38850-38765-38580-38435 levels.

India Inc. Earnings:

India Inc. Q3 Earnings Session (Oct-Dec'22): So, far out of 4248 companies 4181 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.243,470.20 Cr. as against the Q2 net profit of Rs.243,153.30 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 Mar-Tuesday, it has further come down to 3.85 as against the January'23 level i.e.,4.73%.

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.