31.05.23-Wednesday, 08.45 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a flat to positive note at 18606.95; our expected opening band 18610-18625-18640 on opening move, the Index made a day low 18575.50 thereafter, it moved up, made a day high 18662.45 and closed at 18633.85 on a positive note with intra gain 35.20 points, i.e., 0.19%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note 18630-18610-18585 levels; if open, trade and sustain above 18630 then, the index may test 18650-18662-18685-18710-18740-18775 levels. On the other hand, the immediate support lies at 18575-18550 if, the Index moves below 18550 then, it may try to re-visit 18528-18505-18485-18460-18430-18390-18360 levels.

Special Mention: Yesterday, Nifty Index continued the northward journey beyond 18610, further moved up till 18662 and closed above 18610 levels; today, the Index must sustain above 18640-18660 levels, if it moves and sustain above 18660 then, it may re-test 18760-18887 levels in the near term. On the other hand, the strong support lies at 18510-18200, 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 18630-18610-18585 levels. Today, the intra volatility may be in high note due to tomorrow's weekly option expiry and weak global cues.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 44277.35 on the opening move, it made a day low 44207.50; thereafter, it moved up, made a day high 44498.60 and closed on a positive note at 44436.35 with an intra gain 124.45 points, i.e., 0.28%, today the Nifty Bank Index must move above 44495-44530 levels; if to do so, then it may try to test 44575-44620-44765-44840-44910 levels. On the other hand, any weakness near 44495-44530 further, it moves below 44385-44280 then, the Index may re-visit 44205-44170-44075-43945-43840-43720 levels.

India Inc. Earnings:

India Inc. Q4 Earnings Session (Jan-Mar'23): So far out of 4248 companies 3284 of them, announced their Q4 earnings, the net profit seen a positive growth about 28.20%, when compared with a Q3 quarter. The Net profit for Q4 stood at Rs.313,853.80 cr., as against the Q3 net profit of Rs.244,749.20 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%.

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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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