21.04.23-Friday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a flat note at 17638.60; our expected opening band 17620-17645-17665 on opening move, the Index made a day high 17684.65; thereafter, it moved down, made a day low 17584.35 and closed at 17624.45 on a positive note with an intra gain 5.70 points, i.e., 0.03%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 17635-17655-17685 levels; if open, trade and sustain above 17685 then, the index may test 17710-17750-17775-17800-17830-17865-17900-17940 levels. On the other hand, the immediate support lies at 17600-17575 if, the Index move below 17575 then, it may try to re-visit 17545-17500-17470-17445-17430-17400 levels.

Special Mention: Yesterday, Nifty Index traded in range bound move for last three trading session, took strong support near 17575 and closed well below 17660 levels; today, the Index must break 17710-17800 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 200 DMA i.e., 17595, if the Index moves below 17595-17575 and closes below 17575 for three trading session then the Index may try to re-visit 17500-17350-17200 levels in the near term. Let see how the Index opens today at 17635-17655-17685 levels. Today intra volatility may be in high note due to week-end factor and weak global cues; hence trade with due caution and avoid aggressive long/short position.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 42218.50 on the opening move, it made a day high 42378.15; thereafter, it moved down, made a day low 42108.55 and closed on a positive note at 42269.50 with an intra gain 115.50 points, i.e., 0.27%, today the Nifty Bank Index must move above 42300-42380 levels; if to do so, then it may try to test 42430-42480-42540-42600-42680-42760 levels. On the other hand, any weakness near 42300-42380 further, it moves below 42200-42110 then, the Index may re-visit 42025-41970-41885-41775-41665 levels.

India Inc. Earnings:

India Inc. Q4 Earnings Session (Jan-Mar'23): So far out of 4248 companies 57 of them, announced their Q4 earnings, the net profit seen a negative growth about -5.90%, when compared with a Q3 quarter. The Net profit for Q4 stood at Rs.32,173 Cr. as against the Q3 net profit of Rs.34,188 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.