24.04.23-Monday, 08.30 am 

Good Morning all... 

What has happened on Friday? Nifty Index, as expected and written, opened on a flat to positive note at 17639.75; our expected opening band 17635-17655-17685 on opening move, the Index made a day high 17663.20; thereafter, it moved down, made a day low 17553.95 and closed at 17624.05 on flat note with an intra marginal loss 0.40 points, i.e., 0.00%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 17630-17665 levels; if open, trade and sustain above 17665 then, the index may test 17690-17710-17745-17770-17795-17830-17865 levels. On the other hand, the immediate support lies at 17610-17575 if, the Index move below 17575 then, it may try to re-visit 17555-17525-17500-17470-17445-17430-17400 levels.

Special Mention: On Friday, Nifty Index unable to move above 17685 and broken the threshold support levels i.e, 17575 but closed well above 17575 levels; today, the Index must break 17685-17710 levels, if it moves and sustain above 17710 then, it may re-test 17800-18000-18135 levels in the near term. On the other hand, the strong support lies at 200 DMA i.e., 17605, if the Index moves below 17605-17575 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 17630-17665 levels. This week, the intra volatility may be in high note due to F&O expiry and month-end factor; hence trade with due caution and avoid aggressive long/short position.

Nifty Bank Index: On Friday, Nifty Bank Index, opened at 42252.55 on the opening move, it made a day high 42382.15; thereafter, it moved down, made a day low 41962.35 and closed on a negative note at 42118 with an intra loss 151.50 points, i.e., -0.36%, today the Nifty Bank Index must move above 42190-42260 levels; if to do so, then it may try to test 42380-42495-42530-42600-42680-42775 levels. On the other hand, any weakness near 42190-42260 further, it moves below 42060-41960 then, the Index may re-visit 41850-41775-41665-41570-41485 levels.

India Inc. Earnings:

India Inc. Q4 Earnings Session (Jan-Mar'23): So far out of 4248 companies 71 of them, announced their Q4 earnings, the net profit seen a positive growth about 9.40%, when compared with a Q3 quarter. The Net profit for Q4 stood at Rs.49,382.70 cr. as against the Q3 net profit of Rs.45,148.80 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 booked profit near 17800-18000 levels, try to re-invest near 17200-16900 for medium term prespective in Nifty 50 stocks to gain 6-9% return.

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Wishing you for a safe, secured and profitable trading.