31.03.23-Friday, 08.30 am 

Good Morning all... 

What has happened on Wednesday? Nifty Index, as expected and written, opened on a flat to positive note at 16977.30, our expected opening band 16970-17005-17020; on opening move, the Index made a day low 16940.60; thereafter, it moved up, made a day low 17126.15 and closed at 17080.70 on a positive note with an intra gain 129 points, i.e., 0.76%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 17125-17175 levels; if open, trade and sustain above 17175 then, the index may test 17205-17230-17255-17285-17315 levels. On the other hand, the immediate support lies at 17110-17095 if, the Index move below 17095 then, it may try to re-visit 17070-17035-16985-16960-16940-16915-16890 levels.

Special Mention: On wednesday, Nifty Index once again took support near 16940 and moved up till 17126  and closed well above 16985; today, the Index must break 17125-17175 levels, if it moves and sustain above 17175 then, it may re-test 17210-17315-17520 levels in the near term. On the other hand, the strong support lies at 16990-16915, if the Index moves below 16915 then, it may try to re-visit 16830-16750-16680 levels in the near term. Let see how the Index opens today at 17125-17175 levels, the volatility may be in high note due to today's month-cum-quarterly-end, trade with due caution and avoid aggressive short/long position.

Nifty Bank Index: On wednesday, Nifty Bank Index, opened at 39611.55 on the opening move, it made a day low 39609.55; thereafter, it moved up, made a day high 4055 and closed on a positive note at 39910.15 with an intra gain 342.25 points, i.e., 0.86%, today the Nifty Bank Index must move above 39975-40055 levels; if to do so, then it may try to test 40175-40200-40320-40450-40570-40690 levels. On the other hand, any weakness near 39975-40055 further, it moves below 39930--39850 then, the Index may re-visit 39715-39680-39610-39490-39330-39275 levels.

India Inc. Earnings:

India Inc. Q3 Earnings Session (Oct-Dec'22): So, far out of 4248 companies 4190 announced their Q3 earnings, the net profit seen a flat to negative growth about -0.10%, when compared with a last quarter. The Net profit for Q3 stood at Rs.242,791.90 Cr. as against the Q2 net profit of Rs.242,931.20 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.

For further details please do call us on 98410 48022 or contact thro' WhatsApp: 99624 70636. Please read carefully, the Disclaimer published in the Disclaimer page.

Wishing you for a safe, secured and profitable trading.