16.05.23-Tuesday, 08.45 am 

Good Morning all... 

What has happened yesterday? Nifty Index, contrary to our expectation, opened on a positive note at 18339.30; our expected opening band 18300-18280 on opening move, the Index made a day low 18287.90; thereafter, it moved up, made a day high 18458.90 and closed at 18398.85 on a positive note with an intra gain 84.05 points, i.e., 0.46%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note 18410-18440-18460 levels; if open, trade and sustain above 18460 then, the index may test 18485-18505-18545-18580-18610-18650 levels. On the other hand, the immediate support lies at 18390-18345 if, the Index move below 18345 then, it may try to re-visit 18325-18310-18290-18270-18240-18200 levels.

Special Mention: Yesterday, Nifty Index able to continue the northward journey beyond 18365, moved up till 18458.90 and closed well above 18365 levels; today, the Index must sustain above 18460-18505 levels, if it moves and sustain above 18505 then, it may re-test 18550-18650 levels in the near term. On the other hand, the strong support lies at 18340-18195, if the Index moves below 18195, then the Index may try to re-visit 18055-17865 levels in the near term. Let see how the Index opens today at 18410-18440-18460 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 43821.05 on the opening move, it made a day low 43666.60; thereafter, it moved up, made a day high 44151.70 and closed on a positive note at 44072.10 with an intra gain 278.55 points, i.e., 0.64%, today the Nifty Bank Index must move above 44150-44285 levels; if to do so, then it may try to test 44340-44435-44530 levels. On the other hand, any weakness near 44150-44285 further, it moves below 44025-43960 then, the Index may re-visit 43905-43775-43740-43666-43535 levels.

India Inc. Earnings:

India Inc. Q4 Earnings Session (Jan-Mar'23): So far out of 4248 companies 883 of them, announced their Q4 earnings, the net profit seen a positive growth about 12.70%, when compared with a Q3 quarter. The Net profit for Q4 stood at Rs.183,512.30 cr., as against the Q3 net profit of Rs.162,896.30 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 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 Apr'23 released on 15th May'23-Monday, it has further come down to -0.92 as against the March'23 level i.e.,1.34%.

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Wishing you for a safe, secured and profitable trading.

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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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