09.05.23-Tuesday, 08.45 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 18120.60; our expected opening band 18090-18110 on opening move, the Index made a day low 18100.30; thereafter, it moved up, made a day high 18286.95 and closed at 18264.40 on a positive note with an intra gain 195.40 points, i.e., 1.08%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 18285-18315-18325 levels; if open, trade and sustain above 18325 then, the index may test 18340-18365-18385-18405 levels. On the other hand, the immediate support lies at 18250-18215 if, the Index move below 18215 then, it may try to re-visit 18190-18165-18130-18100-18070-18045 levels.

Special Mention: Yesterday, Nifty Index took strong support near 18100 and continued the northward journey till 18286.95 further it closed well above above 18200 levels; today, the Index must sustain above 18285-18325 levels, if it moves and sustain above 18325 then, it may re-test 18365-18445-18475 levels in the near term. On the other hand, the strong support lies at 18180-18055, if the Index moves below 18055, then the Index may try to re-visit 17865-17710 levels in the near term. Let see how the Index opens today at 18285-18315-18325 levels.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 42796.85 on the opening move, it made a day low 42780.30; thereafter, it moved up, made a day high 43418.55 and closed on a positive note at 43284 with an intra gain 622.80 points, i.e., 1.46%, today the Nifty Bank Index must move above 43345-43420 levels; if to do so, then it may try to test 43490-43590-43660-43740 levels. On the other hand, any weakness near 43345-43420 further, it moves below 43200-43100 then, the Index may re-visit 43080-42930-42855-42780-42720-42610 levels.

India Inc. Earnings:

India Inc. Q4 Earnings Session (Jan-Mar'23): So far out of 4248 companies 523 of them, announced their Q4 earnings, the net profit seen a positive growth about 1.10%, when compared with a Q3 quarter. The Net profit for Q4 stood at Rs.140,938.30 cr., as against the Q3 net profit of Rs.139,343.10 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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