05.06.23-Monday, 08.45 am 

Good Morning all... 

What has happened on Friday? Nifty Index, as expected and written, opened on a positive note at 18550.85; our expected opening band 18530-18545 on opening move, the Index made a day high 18573.70 thereafter, it moved down, made a day low 18478.40 and closed at 18534.10 on a positive note with intra gain 46.35 points, i.e., 0.25%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note 18570-18595-18605 levels; if open, trade and sustain above 18605 then, the index may test 18620-18640-18660-18685-18715 levels. On the other hand, the immediate support lies at 18550-18525 if, the Index moves below 18525 then, it may try to re-visit 18500-18480-18465-18450-18430-18390 levels.

Special Mention: On Friday, Nifty Index unable to continue the northward journey beyond 18610, further traded in narrow range and made an inside pattern i.e, not broken the previous day high or low and closed just above 18510 levels; today, the Index must sustain above 18605-18660 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 18570-18595-18605 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index, opened at 43997.30 on the opening move, it made a day high 44088.90; thereafter, it moved down, made a day low 43812.55 and closed on a positive note at 43937.85 with an intra loss 147.65 points, i.e., 0.34%, today the Nifty Bank Index must move above 44020-44090 levels; if to do so, then it may try to test 44165-44210-44265-44330-44410-44495 levels. On the other hand, any weakness near 44020-44090 further, it moves below 44000-43850 then, the Index may re-visit 43810-43720-43650-42520 levels.

India Inc. Earnings:

India Inc. Q4 Earnings Session (Jan-Mar'23): So far out of 4248 companies 4110 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.310,418.20 cr., as against the Q3 net profit of Rs.245,555.10 cr. 

INDIA's Macro Data:

On 01st Jun'23, the S&P Global Manufacturing PMI data for the month of May'23 released, it moved up to 58.70% from 57.20% (Apr'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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