23.05.23-Tuesday, 08.45 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a flat note at 18201.10; our expected opening band 18200-18220-18235 on opening move, the Index made a day low 18178.85 thereafter, it moved up, made a day high 18335.25 and closed at 18314.40 on a positive note with intra gain 111 points, i.e., 0.61%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note 18320-18340-18370 levels; if open, trade and sustain above 18370 then, the index may test 18410-18445-18460-18485-18505 levels. On the other hand, the immediate support lies at 18310-18275 if, the Index move below 18275 then, it may try to re-visit 18250-18215-18195-18175-18140-18125-18100 levels.

Special Mention: Yesterday, Nifty Index able to continue the northward journey beyond 18265, further moved up till 18335 and closed just above 18310 levels; today, the Index must sustain above 18335-18370 levels, if it moves and sustain above 18370 then, it may re-test 18460-18565 levels in the near term. On the other hand, the strong support lies at 18220-18060, if the Index moves below 18060, then the Index may try to re-visit 17865-17555 levels in the near term. Let see how the Index opens today at 18320-18340-18370 levels. This week, the intra volatility may be in high note due to F&O expiry. 

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 43935.30 on the opening move, it made a day high 44026.75; thereafter, it moved down, made a day low 43684.90 and closed on a negative note at 43885.10 with an intra loss 84.30 points, i.e., -0.19%, today the Nifty Bank Index must move above 43925-43970 levels; if to do so, then it may try to test 44025-44120-44150-44270-44340 levels. On the other hand, any weakness near 43925-43970 further, it moves below 43855-43765 then, the Index may re-visit 43685-43615-43590-43530-43450-43365 levels.

India Inc. Earnings:

India Inc. Q4 Earnings Session (Jan-Mar'23): So far out of 4248 companies 1427 of them, announced their Q4 earnings, the net profit seen a positive growth about 26.40%, when compared with a Q3 quarter. The Net profit for Q4 stood at Rs.266,552.60 cr., as against the Q3 net profit of Rs.210,820.20 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%.

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.