03.05.23-Wednesday, 08.45 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 18124.80; our expected opening band 18090-18810-18135 on opening move, the Index made a day low 18101.75; thereafter, it moved up, made a day high 18180.25 and closed at 18147.65 on a positive note with an intra gain 82.65 points, i.e., 0.46%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note near 18110-18080-18065 levels; if open, trade and sustain above 18110 then, the index may test 18155-18180-18200-18240-18265 levels. On the other hand, the immediate support lies at 18065-18045 if, the Index move below 18045 then, it may try to re-visit 18020-18000-17970-17940 levels.

Special Mention: Yesterday, Nifty Index continued the northward journey and made high 18180, further it closed well above 18000 levels; today, the Index must break 18180-18200 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 18110-18080-18065 levels, the intra volatility may be high due to tomorrow's option weekly expiry and weak global cues.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 43390.05 on the opening move, it made a day low 43269.40; thereafter, it moved up, made a day high 43483.85 and closed on a positive note at 43352.10 with an intra gain 118.20 points, i.e., 0.27%, today the Nifty Bank Index must move above 43420-43485 levels; if to do so, then it may try to test 43540-43580-43615-43730-43850 levels. On the other hand, any weakness near 43420-43485 further, it moves below 43270-43210 then, the Index may re-visit 43175-43080-42960-42925-42860-42810-42740-42680 levels.

India Inc. Earnings:

India Inc. Q4 Earnings Session (Jan-Mar'23): So far out of 4248 companies 308 of them, announced their Q4 earnings, the net profit seen a flat to positive growth about 1.80%, when compared with a Q3 quarter. The Net profit for Q4 stood at Rs.102,562.20 cr. as against the Q3 net profit of Rs.100,748.20 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.

DISCLAIMER:

The writing in the above daily market update should only be construed as guidance. I assert that any business or investment decisions should not be based purely on the information presented in the daily market update. As a Research Analyst, I will not be responsible for any losses incurred by a client as a result of decisions made based on any information included in the daily market update.

Research Analyst Disclaimer: Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.