12.05.23-Friday, 08.45 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 18357.80; our expected opening band 18325-18345-18365 on opening move, the Index made a day high 18389.70; thereafter, it moved down, made a day low 18270.40 and closed at 18297 on a negative note with an intra loss 18.10 points, i.e., -0.10%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note near 18270-18240-18215 levels; if open, trade and sustain above 18270 then, the index may test 18300-18325-18345-18365-18390-18420-18445 levels. On the other hand, the immediate support lies at 18245-18215 if, the Index move below 18215 then, it may try to re-visit 18180-18155-18125-18100-18085-18055 levels.

Special Mention: Yesterday, Nifty Index on opening move made a high 18389.70; thereafter the index unable to continue the northward journey, further it moved down till 18270 and closed just above 18285 levels; today, the Index must sustain above 18345-18365-18390 levels, if it moves and sustain above 18390 then, it may re-test 18445-18475-18550 levels in the near term. On the other hand, the strong support lies at 18200-18050, if the Index moves below 18050, then the Index may try to re-visit 17865-17710 levels in the near term. Let see how the Index opens today at 18270-18240-18215 levels. The Intra volatility may be in high note due to week-end factor and domestic data's like IIP/Annual Inflation data is expected today.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 43535.10 on the opening move, it made a day low 43367.25; thereafter, it moved up, made a day high 43774.25 and closed on a positive note at 43475.30 with an intra gain 144.25 points, i.e., 0.33%, today the Nifty Bank Index must move above 43570-43620 levels; if to do so, then it may try to test 43655-43725-43775-43885 levels. On the other hand, any weakness near 43570-43620 further, it moves below 43465-43370 then, the Index may re-visit 43325-43300-43210-43125-43075-43045-42940-42855-42825 levels.

India Inc. Earnings:

India Inc. Q4 Earnings Session (Jan-Mar'23): So far out of 4248 companies 704 of them, announced their Q4 earnings, the net profit seen a positive growth about 3.40%, when compared with a Q3 quarter. The Net profit for Q4 stood at Rs.153,797.40 cr., as against the Q3 net profit of Rs.148,737 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%.

For further details please do call us on 98410 48022 or contact thro' WhatsApp: 99624 70636. 

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 visitor/investor/client, as a result of decisions made based on any information given 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.