02.06.23-Friday, 08.45 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a flat to positive note at 18579.40; our expected opening band 18510-18530-18570 on opening move, the Index made a day high 18580.30 thereafter, it moved down, made a day low 18464.55 and closed at 18487.75 on a negative note with intra loss 46.65 points, i.e., -0.25%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note 18530-18545 levels; if open, trade and sustain above 18545 then, the index may test 18555-18580-18605-18620-18640-18660 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 18465-18435-18390-18360-18310 levels.

Special Mention: Yesterday, Nifty Index unable to continue the northward journey beyond 18610, further moved down till 18464.55 and closed well below 18510 levels; today, the Index must sustain above 18580-18610 levels, if it moves and sustain above 18610 then, it may re-test 18660-18760 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 18530-18545 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 44172.05 on the opening move, it made a day high 44179.95; thereafter, it moved down, made a day low 43706.15 and closed on a negative note at 43790.20 with an intra loss 337.95 points, i.e., -0.77%, today the Nifty Bank Index must move above 43890-44040 levels; if to do so, then it may try to test 44100-44180-44205-44265-44310-44340 levels. On the other hand, any weakness near 43890-44040 further, it moves below 43820-43710 then, the Index may re-visit 43650-43580-43520-43455-43390 levels.

India Inc. Earnings:

India Inc. Q4 Earnings Session (Jan-Mar'23): So far out of 4248 companies 4052 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.310,384.20 cr., as against the Q3 net profit of Rs.245,594.70 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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