06.06.23-Tuesday, 08.45 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 18612; our expected opening band 18530-18545 on opening move, the Index made a day low 18582.80 thereafter, it moved up, made a day high 18640.15 and closed at 18593.85 on a positive note with intra gain 59.75 points, i.e., 0.32%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 18590-18610-18625 levels; if open, trade and sustain above 18625 then, the index may test 18640-18660-18685-18715-18760 levels. On the other hand, the immediate support lies at 18585-18555 if, the Index moves below 18555 then, it may try to re-visit 18535-18505-18485-18465-18450-18430-18390 levels.

Special Mention: Yesterday, Nifty Index continued the northward journey beyond 18610, made a high 18640 further traded in a narrow range and closed below 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 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 18590-18610-18625 levels. The Intra volatility may be in a high note due to RBI MPC meet, the out come will be out on 08th Jun'23, Thursday by 10 am. 

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 44103.25 on the opening move, it made a day high 44266.15; thereafter, it moved down, made a day low 44074.20 and closed on a positive note at 44101.65 with an intra gain 163.80 points, i.e., 0.37%, today the Nifty Bank Index must move above 44170-44210 levels; if to do so, then it may try to test 44265-44320-44410-44495 levels. On the other hand, any weakness near 44170-44210 further, it moves below 44090-44020 then, the Index may re-visit 43895-43800-43710-43650-42520 levels.

India Inc. Earnings:

India Inc. Q4 Earnings Session (Jan-Mar'23): So far out of 4248 companies 4117 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.310,360.90 cr., as against the Q3 net profit of Rs.245,529.70 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 May'23 released on 05th Jun'23, it marginally moved down to 61.60% from 62% (Apr'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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