02.05.23-Tuesday, 08.45 am 

Good Morning all... 

What has happened on Friday? Nifty Index, as expected and written, opened on a positive note at 17950; our expected opening band 17945-17965-17980 on opening move, the Index made a day low 17885.30; thereafter, it moved up, made a day high 18089.15 and closed at 18065 on a positive note with an intra gain 149.95 points, i.e., 0.84%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 18090-18110-18135 levels; if open, trade and sustain above 18135 then, the index may test 18160-18180-18200-18240-18265 levels. On the other hand, the immediate support lies at 18030-18000 if, the Index move below 18000 then, it may try to re-visit 17965-17935-17910-17885-17855-17830 levels.

Special Mention: On Friday, Nifty Index continued the northward journey and made high 18089, further it closed well above 18000 levels; today, the Index must break 18135-18200 levels, if it moves and sustain above 18200 then, it may re-test 18285-18365-18445 levels in the near term. On the other hand, the strong support lies at 18000-17865, if the Index moves below 17865, then the Index may try to re-visit 17710-17555 levels in the near term. Let see how the Index opens today at 18090-18110-18135 levels.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 43045.50 on the opening move, it made a day low 42810.35; thereafter, it moved up, made a day high 43302.05 and closed on a positive note at 43233.90 with an intra gain 233.85 points, i.e., 0.54%, today the Nifty Bank Index must move above 43300-43435 levels; if to do so, then it may try to test 43520-43580-43615-43730-43850 levels. On the other hand, any weakness near 43300-43435 further, it moves below 43155-43055 then, the Index may re-visit 42960-42925-42870-42810-42740-42675 levels.

India Inc. Earnings:

India Inc. Q4 Earnings Session (Jan-Mar'23): So far out of 4248 companies 268 of them, announced their Q4 earnings, the net profit seen a flat to positive growth about 0.10%, when compared with a Q3 quarter. The Net profit for Q4 stood at Rs.95,197.80 cr. as against the Q3 net profit of Rs.95,092.60 cr. 

INDIA's Macro Data:

On 01st May'23, the S&P Global Manufacturing PMI data for the month of Apr'23 released, it moved up to 57.20% from 56.40% (Mar'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.