26.05.23-Friday, 08.45 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a flat to negative note at 18268.90; our expected opening band 18280-18260-18240 on opening move, the Index made a day low 18202.40 thereafter, it moved up, made a day high 18338.10 and closed at 18321.15 on a positive note with intra gain 35.75 points, i.e., 0.20%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note 18310-18335-18355 levels; if open, trade and sustain above 18355 then, the index may test 18375-18395-18420-18445-18460-18480 levels. On the other hand, the immediate support lies at 18300-18260 if, the Index move below 18260 then, it may try to re-visit 18235-18200-18165-18145-18105-18060 levels.

Special Mention: Yesterday, Nifty Index unable to continue the northward journey beyond 18365, further moved down till 18202.40 and closed just above 18310 levels; today, the Index must sustain above 18365-18420 levels, if it moves and sustain above 18420 then, it may re-test 18460-18565 levels in the near term. On the other hand, the strong support lies at 18200-18060, 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 18310-18335-18355 levels. Today, the intra volatility may be in high note due to today's week-end factor. 

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 43630.25 on the opening move, it made a day low 43390.30; thereafter, it moved up, made a day high 43719.85 and closed on a positive note at 43681.40 with an intra gain 3.55 points, i.e., 0.01%, today the Nifty Bank Index must move above 43720-43810 levels; if to do so, then it may try to test 43890-43945-43970-44015-44065-44150 levels. On the other hand, any weakness near 43720-43810 further, it moves below 43640-43555 then, the Index may re-visit 43470-43390-43365-43300-43220 levels.

India Inc. Earnings:

India Inc. Q4 Earnings Session (Jan-Mar'23): So far out of 4248 companies 1875 of them, announced their Q4 earnings, the net profit seen a positive growth about 30.80%, when compared with a Q3 quarter. The Net profit for Q4 stood at Rs.290,395.90 cr., as against the Q3 net profit of Rs.222,096.90 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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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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