03.04.23-Monday, 08.30 am 

Good Morning all... 

What has happened on Friday? Nifty Index, as expected and written, opened on a positive note at 17210.35, our expected opening band 17125-17175; on opening move, the Index made a day low 17204.65; thereafter, it moved up, made a day high 17381.60 and closed at 17359.75 on a positive note with an intra gain 279.05 points, i.e., 1.63%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 17360-17380-17405 levels; if open, trade and sustain above 17405 then, the index may test 17430-17460-17495-17530-17575 levels. On the other hand, the immediate support lies at 17340-17315 if, the Index move below 17315 then, it may try to re-visit 17290-17245-17205-17155-17125-17100 levels.

Special Mention: On Friday, Nifty Index continued the pull back rally, moved up till 17381 and closed well above our threshold resistance levels i.e., 17315; today, the Index must break 17380-17430 levels, if it moves and sustain above 17430 then, it may re-test 17530-17800 levels in the near term. On the other hand, the strong support lies at 17200-16915, 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 17360-17380-17405 levels, this week the intra volatility may be in high note due to RBI MPC meet, trade with due caution and avoid aggressive short/long position.

Nifty Bank Index: On Friday, Nifty Bank Index, opened at 40231.25 on the opening move, it made a day low 40180.20; thereafter, it moved up, made a day high 40690.40 and closed on a positive note at 40608.65 with an intra gain 698.50 points, i.e., 1.75%, today the Nifty Bank Index must move above 40690-40830 levels; if to do so, then it may try to test 40890-41015-41100-41320 levels. On the other hand, any weakness near 40690-40830 further, it moves below 40540-40435 then, the Index may re-visit 40275-40200-40180-40055-39980 levels.

India Inc. Earnings:

India Inc. Q3 Earnings Session (Oct-Dec'22): So, far out of 4248 companies 4192 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.242,787.90 Cr. as against the Q2 net profit of Rs.242,898.40 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 bought near 16950 levels , try to book partial profit near 17350-17500 levels or the stock which is giving 3-6% return and wait for further up move to book full profit.

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Wishing you for a safe, secured and profitable trading.