21.03.23-Tuesday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a negative note at 17066.60, our expected opening band 17060-17035-17010; on opening move, the Index made a day high 17066.60; thereafter, it moved down, made a day low 16828.35 and closed at 16988.40 on a negative note with an intra loss 111.65 points, i.e., -0.65%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 17015-17040-17065 levels; if open, trade and sustain above 17065 then, the index may test 17095-17110-17130-17145-17195-17210-17235-17255-17285-17315 levels. On the other hand, the immediate support lies at 16995-16960 if, the Index move below 16960 then, it may try to re-visit 16930-16885-16855-16850-16830-16795-16765-16750 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally beyond 17145, the brief sell-off dragged once again till 16828 and closed well below near 17060; today, the Index must break 17060-17145 levels, if it moves and sustain above 17225 then, it may re-test 17520-17670-17800 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 17015-17040-17065 levels, this week, the Intra volatility may be in high note due to weak global cues, trade with due caution and avoid aggressive long position.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 39512.10 on the opening move, it made a day high 39512.10; thereafter, it moved up, made a day high 39512.10 and closed on a negative note at 39361.95 with an intra loss 236.15 points, i.e., -0.60%, today the Nifty Bank Index must move above 39410-39512 levels; if to do so, then it may try to test 39630-39700-39765-39840-39915-40070-40140-40230-40320 levels. On the other hand, any weakness near 39410-39512 further, it moves below 39295-39130 then, the Index may re-visit 39075-38940-38785-38600 levels.

India Inc. Earnings:

India Inc. Q3 Earnings Session (Oct-Dec'22): So, far out of 4248 companies 4186 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.243,460.80 Cr. as against the Q2 net profit of Rs.243,154.80 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.