11.05.23-Thursday, 08.45 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 18313.60; our expected opening band 18285-18310 on opening move, the Index made a day low 18211.95; thereafter, it moved up, made a day high 18326.75 and closed at 18315.10 on a positive note with an intra gain 49.15 points, i.e., 0.27%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 18325-18345-18365 levels; if open, trade and sustain above 18365 then, the index may test 18385-18405-18445-18470-18490 levels. On the other hand, the immediate support lies at 18290-18245 if, the Index move below 18245 then, it may try to re-visit 18210-18180-18165-18130-18115 levels.

Special Mention: Yesterday, Nifty Index traded in a narrow range and unable to break the threshold resistance levels i.e., 18345-18365; further it closed above 18285 levels; today, the Index must sustain above 18345-18365 levels, if it moves and sustain above 18365 then, it may re-test 18445-18475-18550 levels in the near term. On the other hand, the strong support lies at 18200-18055, 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 18325-18345-18365 levels. Today the Intra volatility may be in high note due to option weekly expiry and tomorrow's week-end factor.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 43383.65 on the opening move, it made a day low 42822.15; thereafter, it moved up, made a day high 43383.65 and closed on a positive note at 43331.05 with an intra gain 132.90 points, i.e., 0.31%, today the Nifty Bank Index must move above 43385-43420 levels; if to do so, then it may try to test 43480-43535-43635-43740 levels. On the other hand, any weakness near 43385-43420 further, it moves below 43265-43220 then, the Index may re-visit 43125-43075-42955-42890-42820-42780-42670 levels.

India Inc. Earnings:

India Inc. Q4 Earnings Session (Jan-Mar'23): So far out of 4248 companies 636 of them, announced their Q4 earnings, the net profit seen a positive growth about 2.80%, when compared with a Q3 quarter. The Net profit for Q4 stood at Rs.149,358.10 cr., as against the Q3 net profit of Rs.145,321.30 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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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 visitor/investor/client, as a result of decisions made based on any information given in the daily market update.

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