What has happened yesterday? Nifty Index, as expected and written, opened on a flat to negative note at 18081; our expected opening band 18075-18045 on opening move, the Index made a day low 18066.70; thereafter, it moved up, made a day high 18267.45 and closed at 18255.80 on a positive note with an intra gain 165.95 points, i.e., 0.92%.
What will happen today?
Nifty Index: Today, Nifty Index may open on a flat note near 18245-18210 levels; if open, trade and sustain above 18245 then, the index may test 18265-18285-18320-18340-18365 levels. On the other hand, the immediate support lies at 18180-18155 if, the Index move below 18155 then, it may try to re-visit 18130-18115-18100-18065-18045 levels.
Special Mention: Yesterday, Nifty Index took strong support near 18050 and continued the northward journey; made a high 18267.45, further it closed well above 18180 levels; today, the Index must break 18265-18285 levels, if it moves and sustain above 18285 then, it may re-test 18365-18445 levels in the near term. On the other hand, the strong support lies at 18180-18000,if the Index moves below 18000, then the Index may try to re-visit 17865-17710-17555 levels in the near term. Let see how the Index opens today at 18245-18210 levels, the intra volatility may be high due to today's week-end factor, trade with due caution at the higher levels.
Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 43236.10 on the opening move, it made a day low 43213.95; thereafter, it moved up, made a day high 43739.80 and closed on a positive note at 43685.45 with an intra gain 372.75 points, i.e., 0.86%, today the Nifty Bank Index must move above 43740-43810levels; if to do so, then it may try to test 43880-43940-44040-44150 levels. On the other hand, any weakness near 43740-43810 further, it moves below 43585-43430 then, the Index may re-visit 43340-43275-43215-43155-43080 levels.
India Inc. Earnings:
India Inc. Q4 Earnings Session (Jan-Mar'23): So far out of 4248 companies 394 of them, announced their Q4 earnings, the net profit seen a positive growth about 3.50%, when compared with a Q3 quarter. The Net profit for Q4 stood at Rs.117,202.10 cr. as against the Q3 net profit of Rs.113,209 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 Apr'23 released on 03rd May'23, it moved up to 62% from 57.80% (Mar'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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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.
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