24.03.23-Friday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a negative note at 17087.40, our expected opening band 17150-17130-17110; on opening move, the Index made a day low 17045.30; thereafter, it moved up, made a day high 17205.40, further it moved down near day low and closed at 17076.90 on a negative note with an intra loss 75 points, i.e., -0.44%.

What will happen today? 

 Nifty Index: Today, Nifty Index may open on a flat to negative note near 17080-17065-17045 levels; if open, trade and sustain above 17080-17095 then, the index may test 17125-17160-17185-17205-17225-17245-17255-17285-17315 levels. On the other hand, the immediate support lies at 17020-17000 if, the Index move below 17000 then, it may try to re-visit 17000-16980-16950-16920-16875-16830-16795-16765-16750 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally beyond 17207, made a high 17205 and closed well below 17145; today, the Index must break 17205-17250-17315 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 17015-16960, 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 17080-17065-17045 levels,  the Intra volatility may be in high note due to week -end factor, trade with due caution and avoid aggressive short/long position.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 39836.15 on the opening move, it made a day high 40201.60; thereafter, it moved down, made a day low 39552.50 and closed on a negative note at 39616.90 with an intra loss 382.15 points, i.e., -0.96%, today the Nifty Bank Index must move above 39705-39825 levels; if to do so, then it may try to test 39955-40060-40200-40375-40500-40640-40775 levels. On the other hand, any weakness near 39705-39825 further, it moves below 39550-39375 then, the Index may re-visit 39255-39125-38990-38925-38800-38615 levels.

India Inc. Earnings:

India Inc. Q3 Earnings Session (Oct-Dec'22): So, far out of 4248 companies 4188 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.243,283.70 Cr. as against the Q2 net profit of Rs.243,130.10 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.