19.06.23-Monday, 08.45 am 

Good Morning all... 

What has happened on Friday? Nifty Index, as expected and written, opened on a positive note at 18723.30, our expected opening band 18720-18755 on opening move, the Index made a day low 18710.50 thereafter; it moved upn, made a day high 18864.70 and closed at 18826 on a positive note with intra gain 137.90 points, i.e., 0.74%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 18830-18845 levels; if open, trade and sustain above 18845 then, the index may test 18865-18885-18905-18940 levels. On the other hand, the immediate support lies at 18805-18775 if, the Index moves below 18775 then, it may try to re-visit 18750-18730-18710-18690-18670-18630 levels.

Special Mention: On Friday, Nifty Index continued the northward journey above 18777, it made a high near all time levels i.e., 18887.60 and closed above 18777 levels; today, the Index must sustain above 18865-18887 levels, if it moves and sustain above 18887 then, it may test 19168-19448 levels in the near term. On the other hand, the strong support lies at 18650-18460, 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 18830-18845 levels. This week,  the intra volatility may be in a high note due to the Index trading near all time high, trade with caution is my advice at this juncture.

Nifty Bank Index: On Friday, Nifty Bank Index, opened at 43583.35 on the opening move, it made a day low 43536.95; thereafter, it moved up, made a day high 44083.25 and closed on a positive note at 43938.15 with an intra gain 93.35 points, i.e., 0.21%, today the Nifty Bank Index must move above 44083-44175 levels; if to do so, then it may try to test 44230-44370-44495-44630-44795 levels. On the other hand, any weakness near 44083-44175 further, it moves below 43920-43830 then, the Index may re-visit 43755-43665-43540-43470-43395 levels.

India Inc. Earnings:

India Inc. Q4 Earnings Session (Jan-Mar'23): So far out of 4248 companies 4155 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.310,359.90 cr., as against the Q3 net profit of Rs.245,924.40 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 May'23-Wednesday, 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 May'23 released on 14th Jun'23-Wednesday, it has further come down to -3.48% as against the Apr'23 level i.e.,-0.92%.

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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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