23.03.23-Thursday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 17177.45, our expected opening band 17105-17125-17145; on opening move, the Index made a day high 17207.25; thereafter, it moved down, made a day low 17107.85 and closed at 17151.90 on a positive note with an intra gain 44.40 points, i.e., 0.26%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 17150-17130-17110 levels; if open, trade and sustain above 17150 then, the index may test 17180-17195-17210-17235-17255-17285-17315 levels. On the other hand, the immediate support lies at 17095-17060 if, the Index move below 17060 then, it may try to re-visit 17040-17015-16985-16955-16905-16875-16830-16795-16765-16750 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally beyond 17145, made a high 17207 and closed well above 17145; today, the Index must break 17225-17315 levels, if it moves and sustain above 17315 then, it may re-test 17520-17670-17800 levels in the near term. On the other hand, the strong support lies at 17095-16960, if the Index moves below 16960 then, it may try to re-visit 16830-16750-16680 levels in the near term. Let see how the Index opens today at 17150-17130-17110 levels,  the Intra volatility may be in high note due to weekly option expiry and tomorrow's week-end factor, trade with due caution and avoid aggressive short/long position.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 40036 on the opening move, it made a day high 40085.60; thereafter, it moved down, made a day high 39837.80 and closed on a positive note at 39999.05 with an intra gain 104.35 points, i.e., 0.26%, today the Nifty Bank Index must move above 40010-40085 levels; if to do so, then it may try to test 40145-40235-40320-40500-40640-40690-40775 levels. On the other hand, any weakness near 40010-40085 further, it moves below 39950-39840 then, the Index may re-visit 39770-39655-39525-39435-39350-39210 levels.

India Inc. Earnings:

India Inc. Q3 Earnings Session (Oct-Dec'22): So, far out of 4248 companies 4187 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.243,460.60 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.