29.05.23-Monday, 08.45 am 

Good Morning all... 

What has happened on Friday? Nifty Index, as expected and written, opened on a positive note at 18368.35; our expected opening band 18335-18355 on opening move, the Index made a day low 18333.15 thereafter, it moved up, made a day high 18508.55 and closed at 18499.35 on a positive note with intra gain 178.20 points, i.e., 0.97%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note 18525-18555 levels; if open, trade and sustain above 18555 then, the index may test 18575-18600-18626-18650 levels. On the other hand, the immediate support lies at 18460-18420 if, the Index moves below 18420 then, it may try to re-visit 18390-18365-18340-18325-18285-18260 levels.

Special Mention: On Friday, Nifty Index able to continue the northward journey beyond 18430, further moved up till 18508 and closed above 18460 levels; today, the Index must sustain above 18550-18600 levels, if it moves and sustain above 18600 then, it may re-test 18650-18760-18887 levels in the near term. On the other hand, the strong support lies at 18420-18200, if the Index moves below 18200, then the Index may try to re-visit 18060-17865 levels in the near term. Let see how the Index opens today at 18525-18555 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index, opened at 43765.35 on the opening move, it made a day low 43588.80; thereafter, it moved up, made a day high 44067.80 and closed on a positive note at 44018 with an intra gain 336.60 points, i.e., 0.77%, today the Nifty Bank Index must move above 44095-44150 levels; if to do so, then it may try to test 44200-44275-44355-44440-44530 levels. On the other hand, any weakness near 44095-44150 further, it moves below 44010-43930 then, the Index may re-visit 43840-43720-43640-46590-43460 levels.

India Inc. Earnings:

India Inc. Q4 Earnings Session (Jan-Mar'23): So far out of 4248 companies 2369 of them, announced their Q4 earnings, the net profit seen a positive growth about 26.90%, when compared with a Q3 quarter. The Net profit for Q4 stood at Rs.302,944 cr., as against the Q3 net profit of Rs.238,735.30 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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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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