19.04.23-Wednesday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, contrary to our expectation, opened on a positive note at 17766.60 our expected opening band 17715-17690 on opening move, the Index made a day high 17766.60; thereafter, it moved down, made a day low 17610.20 and closed at 17660.15 on a negative note with an intra loss 46.70 points, i.e., -0.26%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 17685-17660-17645 levels; if open, trade and sustain above 17685 then, the index may test 17720-17745-17765-17810-17835-17865 levels. On the other hand, the immediate support lies at 17645-17610 if, the Index move below 17610 then, it may try to re-visit 17575-17535-17495-17445 levels.

Special Mention: Yesterday, Nifty Index made an Inside day pattern i.e.,  not broken the previous day high or low and closed well below 17800 levels; today, the Index must break 17800-17875 levels, if it moves and sustain above 17875 then, it may re-test 18000-18135 levels in the near term. On the other hand, the strong support lies at 17600-17500, if the Index moves below 17500 then, it may try to re-visit 17350-17200-16980 levels in the near term. Let see how the Index opens today at 17685-17660-17645 levels. The technical sell-off may continue to test 17575-17500 levels; the intra volatility may be in high note due to tomorrow's option weekly expiry; hence trade with due caution and avoid aggressive long position.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 42406.95 on the opening move, it made a day high 42500.70; thereafter, it moved down, made a day low 42114.35 and closed on a positive note at 42265.20 with an intra gain 75.55 points, i.e., 0.18%, today the Nifty Bank Index must move above 42360-42450 levels; if to do so, then it may try to test 42500-42605-42710-42820 levels. On the other hand, any weakness near 42360-42450 further, it moves below 42305-42205 then, the Index may re-visit 42115-42010-41890-41800-41690-41665-41485 levels.

India Inc. Earnings:

India Inc. Q3 Earnings Session (Oct-Dec'22): So, far out of 4248 companies 4199 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.242,534.80 Cr. as against the Q2 net profit of Rs.242,666.60 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.