22.06.23-Thursday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a flat to positive note at 18849.40, our expected opening band 18820-18840 on opening move, the Index made a day high 18875.90 thereafter; it moved down, made a day low 18794.95 and closed at 18856.85 on a positive note with intra gain 40.15 points, i.e.,0.21%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat note near 18850-18875 levels; if open, trade and sustain above 18875 then, the index may test 18885-18900-18925-18960-18995 levels. On the other hand, the immediate support lies at 18825-18795 if, the Index moves below 18795 then, it may try to re-visit 18775-18730-18700-18680-18660-18630 levels.

Special Mention: Yesterday, Nifty Index unable to continue the northward journey above 18881 and closed well above 18777 levels; today, the Index must sustain above 18881-18887-18900 levels, if it moves and sustain above 18900 then, it may test 19168-19448 levels in the near term. On the other hand, the strong support lies at 18777-18660, if the Index moves below 18660, then the Index may try to re-visit 18555-18460-18200 levels in the near term. Let see how the Index opens today at 18850-18875 levels. The intra volatility may be in a high note due to, the Index trading near all time high and today's option weekly expiry, trade with caution is my advice at this juncture.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 43894.40 on the opening move, it made a day high 43946.70; thereafter, it moved down, made a day low 43698.95 and closed on a positive note at 43859.20 with an intra gain 92.70 points, i.e., 0.21%, today the Nifty Bank Index must move above 43945-44015 levels; if to do so, then it may try to test 44110-44210-44250-44310-44350 levels. On the other hand, any weakness near 43945-44015 further, it moves below 43825-43780 then, the Index may re-visit 43700-43630-43550-43450-43345 levels.

India Inc. Earnings:

India Inc. Q4 Earnings Session (Jan-Mar'23): So far out of 4248 companies 4158 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.310,352.60 cr., as against the Q3 net profit of Rs.245,932.50 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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