08.05.23-Monday, 08.45 am 

Good Morning all... 

What has happened on Friday? Nifty Index, as expected and written, opened on a negative note at 18117.30; our expected opening band 18245-18210 on opening move, the Index made a day high 18216.95; thereafter, it moved down, made a day low 18055.45 and closed at 18069 on a negative note with an intra gain 186.80 points, i.e., -1.02%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 18090-18110 levels; if open, trade and sustain above 18110 then, the index may test 18135-18155-18170-18195-18215-18260-18285 levels. On the other hand, the immediate support lies at 18075-18045 if, the Index move below 18045 then, it may try to re-visit 18010-17975-17950-17910-17865 levels.

Special Mention: On Friday, Nifty Index unable to continue the northward journey; the sell-off dragged the index till 18055, further it closed well below 18100 levels; today, the Index must break 18135-18170 levels, if it moves and sustain above 18170 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 levels.

Nifty Bank Index: On Friday, Nifty Bank Index, opened at 43110.85 on the opening move, it made a day high 43588; thereafter, it moved down, made a day low 42582.20 and closed on a negative note at 42661.20 with an intra loss 1024.25 points, i.e., -2.34%, today the Nifty Bank Index must move above 42720-42855 levels; if to do so, then it may try to test 42990-43050-43160-43280-43370 levels. On the other hand, any weakness near 42720-42855 further, it moves below 42580-42380 then, the Index may re-visit 42310-42170-42050-41960-41710 levels.

India Inc. Earnings:

India Inc. Q4 Earnings Session (Jan-Mar'23): So far out of 4248 companies 465 of them, announced their Q4 earnings, the net profit seen a positive growth about 4.40%, when compared with a Q3 quarter. The Net profit for Q4 stood at Rs.125,522.40 cr., as against the Q3 net profit of Rs.120,282.10 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%.

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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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