13.06.23-Tuesday, 08.45 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 18595.05, our expected opening band 18595-18615 on opening move, the Index made a day high 18633.60 thereafter; it moved down, made a day low 18559.75 and closed at 18601.50 on a positive note with intra gain 38.10 points, i.e., 0.21%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 18635-18665 levels; if open, trade and sustain above 18665 then, the index may test 18690-18710-18750-18777 levels. On the other hand, the immediate support lies at 18590--18560 if, the Index moves below 18560 then, it may try to re-visit 18540-18505-18460-18420 levels.

Special Mention: Yesterday, Nifty Index unable to continue the northward journey beyond 18676, made a high 18633, the intra sell-off dragged the index till 18559.75 and closed well below 18660 levels; today, the Index must sustain above 18675-18777 levels, if it moves and sustain above 18770 then, it may re-test 18810-18887 levels in the near term. On the other hand, the strong support lies at 18555-18460, if the Index moves below 18460, then the Index may try to re-visit 18200-18060 levels in the near term. Let see how the Index opens today at 18630-18665 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 44035.20 on the opening move, it made a day high 44124.95; thereafter, it moved down, made a day low 43874.05 and closed on a negative note at 43944.20 with an intra loss 44.80 points, i.e., -0.10%, today the Nifty Bank Index must move above 43995-44125 levels; if to do so, then it may try to test 44190-43260-43290-44335-44390-44460-44535-44615 levels. On the other hand, any weakness near 43995-44125 further, it moves below 43995-43875 then, the Index may re-visit 43805-43770-43710-43650-43590 levels.

India Inc. Earnings:

India Inc. Q4 Earnings Session (Jan-Mar'23): So far out of 4248 companies 4144 of them, announced their Q4 earnings, the net profit seen a positive growth about 26.20%, when compared with a Q3 quarter. The Net profit for Q4 stood at Rs.310,294.20 cr., as against the Q3 net profit of Rs.245,929.80 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 08th Jun'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 Apr'23 released on 12th Jun'23-Monday, the data shows that, the Industrial production has moved up to 4.20% when compared to the Apr'23, it stood at 1.70%. 

Annual Inflation data for May'23 releasd on 12th Jun'23-Monday, it shows that the Inflation has come down to 4.25% from Apr'23 level i.e., 4.70%.

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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