07.06.23-Wednesday, 08.45 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 18600.80, our expected opening band 18590-18610-18625 on opening move, the Index made a day low 18531.60; thereafter, it moved up, made a day high 18622.75 and closed at 18599 on a flat to positive note with intra gain 5.15 points, i.e., 0.03%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 18605-18625-18640 levels; if open, trade and sustain above 18640 then, the index may test 18660-18685-18715-18760 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 18530-18505-18485-18465-18450-18430 levels.

Special Mention: Yesterday, Nifty Index unable to continue the northward journey beyond 18640, made a high 18622.75 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 18605-18625-18640 levels. The Intra volatility may be in a high note due to tomorrow's  RBI MPC meet and option weekly expiry. 

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 44156.70 on the opening move, it made a day low 44009.70; thereafter, it moved up, made a day high 44236.50 and closed on a positive note at 44164.55 with an intra gain 62.90 points, i.e., 0.14%, today the Nifty Bank Index must move above 44170-44235 levels; if to do so, then it may try to test 44295-44330-44410-44498 levels. On the other hand, any weakness near 44170-44235 further, it moves below 44120-44060 then, the Index may re-visit 44010-43950-43800-43710-43650 levels.

India Inc. Earnings:

India Inc. Q4 Earnings Session (Jan-Mar'23): So far out of 4248 companies 4123 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.310,296.40 cr., as against the Q3 net profit of Rs.245,518.20 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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