27.03.23-Monday, 08.30 am 

Good Morning all... 

What has happened on Friday? Nifty Index, as expected and written, opened on a flat to negative note at 17076.20, our expected opening band 17080-17065-17045; on opening move, the Index made a day high 17109.45; thereafter, it moved down, made a day low 16917.35 and closed at 16945.05 on a negative note with an intra loss 131.85 points, i.e., -0.77%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 16960-17005 levels; if open, trade and sustain above 17005 then, the index may test 17035-17055-17085-17110-17135-17160-17185-17205 levels. On the other hand, the immediate support lies at 16940-16915 if, the Index move below 16915 then, it may try to re-visit 16900-16865-16830-16795-16765-16750 levels.

Special Mention: On Friday, Nifty Index moved down till 16917 and closed well below 16985; today, the Index must break 17055-17210 levels, if it moves and sustain above 17210 then, it may re-test 17315-17520-17800 levels in the near term. On the other hand, the strong support lies at 16950-16830, if the Index moves below 16830 then, it may try to re-visit 16750-16680 levels in the near term. Let see how the Index opens today at 16960-17005 levels,  this week the volatility may be in high note due to F&O Expiry and month-cum-quarterly-end factor, trade with due caution and avoid aggressive short/long position.

Nifty Bank Index: On Friday, Nifty Bank Index, opened at 39555.25 on the opening move, it made a day high 39767.90; thereafter, it moved down, made a day low 39294.90 and closed on a negative note at 39395.35 with an intra loss 221.55 points, i.e., -0.56%, today the Nifty Bank Index must move above 39405-39535 levels; if to do so, then it may try to test 39630-39710-39765-39895-40140-40320-40500-40640 levels. On the other hand, any weakness near 39405-39535 further, it moves below 39295-39165 then, the Index may re-visit 39130-38990-38950-38925-38800-38615-38500 levels.

India Inc. Earnings:

India Inc. Q3 Earnings Session (Oct-Dec'22): So, far out of 4248 companies 4189 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.242,792.30 Cr. as against the Q2 net profit of Rs.242,931.50 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.