15.05.23-Monday, 08.45 am 

Good Morning all... 

What has happened on Friday? Nifty Index, as expected and written, opened on a negative note at 18273.75; our expected opening band 18270-18240-18215 on opening move, the Index made a day low 18194.55; thereafter, it moved up, made a day high 18342.75 and closed at 18314.80 on a negative note with an intra gain 17.80 points, i.e., 0.10%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note 18300-18280 levels; if open, trade and sustain above 18300 then, the index may test 18325-18340-18365-18385-18420-18445 levels. On the other hand, the immediate support lies at 18270-18230 if, the Index move below 18230 then, it may try to re-visit 18210-18195-18155-18125-18100 levels.

Special Mention: On Friday, Nifty Index unable to continue the northward journey beyond 18365 , further it moved down till 18194.55 and closed 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 18300-18280 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index, opened at 43447.15 on the opening move, it made a day low 43347.75; thereafter, it moved up, made a day high 43905.95 and closed on a positive note at 43793.55 with an intra gain 318.25 points, i.e., 0.73%, today the Nifty Bank Index must move above 43840-43905 levels; if to do so, then it may try to test 44055-44150-44300 levels. On the other hand, any weakness near 43840-43905 further, it moves below 43740-43600 then, the Index may re-visit 43490-43350-43260-43195-43080 levels.

India Inc. Earnings:

India Inc. Q4 Earnings Session (Jan-Mar'23): So far out of 4248 companies 814 of them, announced their Q4 earnings, the net profit seen a positive growth about 13%, when compared with a Q3 quarter. The Net profit for Q4 stood at Rs.181,600.30 cr., as against the Q3 net profit of Rs.160,712.50 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 Mar'23 released on 12th May'23-Friday, the data shows that, the Industrial production has moved down to 1.10% when compared to the Feb'23, it stood at 5.60%. 

Annual Inflation data for Apr'23 releasd on 12th May'23-Friday, it shows that the Inflation has come down to 4.70% from Mar'23 level i.e., 5.66%.

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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