01.06.23-Thursday, 08.45 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a negative note at 18594.20; our expected opening band 18630-18610-18585 on opening move, the Index made a day high 18603.90 thereafter, it moved down, made a day low 18483.85 and closed at 18534.40 on a negative note with intra loss 99.45 points, i.e., -0.53%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note 18510-18530-18570 levels; if open, trade and sustain above 18570 then, the index may test 18605-18635-18660-18685-18710-18750 levels. On the other hand, the immediate support lies at 18510-18485 if, the Index moves below 18485 then, it may try to re-visit 18450-18430-18390-18360-18310 levels.

Special Mention: Yesterday, Nifty Index unable to continue the northward journey beyond 18662, further moved down till 18483.85 and closed well below 18610 levels; today, the Index must sustain above 18610-18660 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 18460-18200, 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 today's weekly option expiry and tomorrow's week-end factor.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 44318 on the opening move, it made a day high 44339.05; thereafter, it moved down, made a day low 43822.70 and closed on a negative note at 44128.15 with an intra loss 308.20 points, i.e., -0.69%, today the Nifty Bank Index must move above 44190-44280 levels; if to do so, then it may try to test 44340-44410-44480-44540-44620 levels. On the other hand, any weakness near 44190-44280 further, it moves below 44080-43945 then, the Index may re-visit 43885-43825-43720-43680-43590 levels.

India Inc. Earnings:

India Inc. Q4 Earnings Session (Jan-Mar'23): So far out of 4248 companies 3859 of them, announced their Q4 earnings, the net profit seen a positive growth about 26.70%, when compared with a Q3 quarter. The Net profit for Q4 stood at Rs.310,798.60 cr., as against the Q3 net profit of Rs.245,363.70 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 Q4 ending Mar'23 released on 31st Mar'23, the GDP moved to 6.10% Vs.4.50% (Q3-Dec'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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