12.04.23-Wednesday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 17704.80, our expected opening band 17640-17665-17695 on opening move, the Index made a day high 17748.75; thereafter, it moved down, made a day low 17655.15 and closed at 17722.30 on a positive note with an intra gain 98.25 points, i.e., 0.56%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 17720-17745-17765 levels; if open, trade and sustain above 17765 then, the index may test 17800-17820-17855-17885-17920 levels. On the other hand, the immediate support lies at 17700-17655 if, the Index move below 17655 then, it may try to re-visit 17630-17600-17560-17530-17490-17460-17415 levels.

Special Mention: Yesterday, Nifty Index continued the pull back rally for seventh consecutive sessions, moved up till 17748.75 and closed well above our threshold support levels i.e., 17670; today, the Index must break 17770-17800 levels, if it moves and sustain above 17800 then, it may re-test 18000-18135 levels in the near term. On the other hand, the strong support lies at 17590-17425, if the Index moves below 17425 then, it may try to re-visit 17320-17200-16980 levels in the near term. Let see how the Index opens today at 17720-17745-17765 levels, the intra volatility may be in high note due to today's IIP Data, tomorrow's option weekly expiry, long week-end and Q4 India Inc. results; hence trade with due caution and avoid aggressive long position.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 41232 on the opening move, it made a day low 40990.20; thereafter, it moved up, made a day high 41403.25 and closed on a positive note at 41366.50 with an intra gain 531.85 points, i.e., 1.30%, today the Nifty Bank Index must move above 41400-41515 levels; if to do so, then it may try to test 41590-41670-41790 levels. On the other hand, any weakness near 41400-41515 further, it moves below 41305-41250 then, the Index may re-visit 41150-41085-40990-40875-40730 levels.

India Inc. Earnings:

India Inc. Q3 Earnings Session (Oct-Dec'22): So, far out of 4248 companies 4196 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.242,546.20 Cr. as against the Q2 net profit of Rs.242,674.50 Cr. 

INDIA's Macro Data:

On 03rd Apr'23, the S&P Global Manufacturing PMI data for the month of Mar'23 released, it moved up to 56.40% from 55.30% (Feb'23). Likewise, the S&P Global Services PMI data for the month of Mar'23 released on 05th Apr'23, it moved down to 57.80% from 59.40% (Feb'23).

The RBI MPC meet held on 06th Apr'23-Thursday,  the MPC maintained status quo in the Repo rate without changing the interest  rate i.e., 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.