17.03.23-Friday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a flat note at 16994.65, our expected opening band 16970-17000-17030; on opening move, the Index made a day low 16850.60; thereafter, it moved up, made a day high 17062.45 and closed at 16985.60 on a flat to positive note with an intra gain 13.45 points, i.e., 0.08%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 17035-17060 levels; if open, trade and sustain above 17060 then, the index may test 17090-17115-17145-17180-17210-17225-17255-17285 levels. On the other hand, the immediate support lies at 17000-16950 if, the Index move below 16950 then, it may try to re-visit 16900-16850-16825-16795-16750-16715-16680 levels.

Special Mention: Yesterday, Nifty Index continued the down ward move for five consecutive trading sessions and made a low 16850, further it closed just near 16987; today, the Index must break 17060-17140-17225 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 16850-16750, if the Index moves below 16750 then, it may try to re-visit 16680-16440-16390 levels in the near term. Let see how the Index opens today at 17030-17060 levels, the Intra volatility may be in high note due to today's week-end factor and weak global cues, trade with due caution and avoid aggressive long position.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 39061.70 on the opening move, it made a day low 38613.15; thereafter, it moved up, made a day high 39381.40 and closed on a positive note at 39132.60 with an intra gain 81.10 points, i.e., 0.21%, today the Nifty Bank Index must move above 39215-39380-39420 levels; if to do so, then it may try to test 39530-39635-39765-39915-39985 levels. On the other hand, any weakness near 39215-39380-39420 further, it moves below 38990-38795 then, the Index may re-visit 38705-38615-38510-38405-38290-38180 levels.

India Inc. Earnings:

India Inc. Q3 Earnings Session (Oct-Dec'22): So, far out of 4248 companies 4183 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.243,458.80 Cr. as against the Q2 net profit of Rs.243,155 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 Feb'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.