16.03.23-Thursday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 17166.45, our expected opening band 17080-17105-17135; on opening move, the Index made a day high 17211.35 thereafter, it moved down, made a day low 16938.90 and closed at 16972.15 on a negative note with an intra loss 71.15 points, i.e., -0.42%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 16970-17000-17030 levels; if open, trade and sustain above 17030 then, the index may test 17075-17105-17140-17155-17180-17210-17225-17255-17285 levels. On the other hand, the immediate support lies at 16940-16905 if, the Index move below 16905 then, it may try to re-visit 16870-16840-16810-16775-16750-16715-16680 levels.

Special Mention: Yesterday, Nifty Index continued the down ward move for four consecutive trading sessions and made a low 16938.90, further it closed just below 16987; today, the Index must break 17080-17140-17225 levels, if it moves and sustain above 17225 then, it may re-test 17530-17800 levels in the near term. On the other hand, the strong support lies at 16865-16750, 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 16970-17000-17030 levels, the Intra volatility may be in high note due to today's option weekly expiry and weak global cues, trade with due caution and avoid aggressive long position.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 39777.90 on the opening move, it made a day high 39914.10 thereafter, it moved down, made a day low 38934.95 and closed on a negative note at 39051.50 with an intra loss 359.90 points, i.e., -0.91%, today the Nifty Bank Index must move above 39165-39330 levels; if to do so, then it may try to test 39425-39540-39630-39800-39915-40040-40180 levels. On the other hand, any weakness near 39165-39330 further, it moves below 39050-38940 then, the Index may re-visit 38850-38765-38670-38580-38435-38180 levels.

India Inc. Earnings:

India Inc. Q3 Earnings Session (Oct-Dec'22): So, far out of 4248 companies 4182 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.243,467.60 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'23-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 further near 16950-16750 levels in Nifty50 stocks for medium term perspective to gain 6-9% and invest in Nifty 50 stocks.

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Wishing you for a safe, secured and profitable trading.