13.04.23-Thursday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 17759.55, our expected opening band 17720-17740-17765 on opening move, the Index made a day low 17717.25; thereafter, it moved up, made a day high 17825.75 and closed at 17812.40 on a positive note with an intra gain 90.10 points, i.e., 0.51%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 17800-17825-17855 levels; if open, trade and sustain above 17855 then, the index may test 17870-17900-17925-17955-17985 levels. On the other hand, the immediate support lies at 17765-17740 if, the Index move below 17740 then, it may try to re-visit 17715-17655-17630-17595-17560-17505 levels.

Special Mention: Yesterday, Nifty Index continued the winning streak for the straight eighth consecutive trading session, surpassed our threshold resistance levels i.e,,17800 and closed just above this level; today, the Index must break 17825-17855 levels, if it moves and sustain above 17855 then, it may re-test 18000-18135 levels in the near term. On the other hand, the strong support lies at 17715-17655, if the Index moves below 17655 then, it may try to re-visit 17320-17200-16980 levels in the near term. Let see how the Index opens today at 17800-17825-17855 levels. The technical sell-off can be expected for 2-3 trading sessions either from today or Monday till 17650 levels also intra volatility may be in high note due to today'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 41426 on the opening move, it made a day low 41332; thereafter, it moved up, made a day high 41610.15 and closed on a positive note at 41557.95 with an intra gain 191.45 points, i.e., 0.46%, today the Nifty Bank Index must move above 41610-41670-41685 levels; if to do so, then it may try to test 41790-41885-41980-42070 levels. On the other hand, any weakness near 41610-41670-41685 further, it moves below 41470-41395-41350 then, the Index may re-visit 41330-41260-41170-41085-40935-40840-40730 levels.

India Inc. Earnings:

India Inc. Q3 Earnings Session (Oct-Dec'22): So, far out of 4248 companies 4197 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.242,538.10 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 Feb'23 released on 12th Apr'23-Wednesday, the data shows that, the Industrial production has moved up to 5.60% when compared to the Jan'23, it stood at 5.50%. 

Annual Inflation data for Mar'23 releasd on 12th Apr'23-Monday, it shows that the Inflation has marginally come down to 5.66% from Jan'23 level i.e., 6.44%.

WPI Inflation data for the month of Feb'23 released on 14th Mar'23-Tuesday, it has further come down to 5.66 as against the February'23 level i.e.,4.73%.

Trading Strategy: The members/followers/readers, those who bought near 16950 levels , try to book full profit near 17800-18000 levels or the stock which is giving 6-10% return and wait for further correction to re-invest again.

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Wishing you for a safe, secured and profitable trading.