27.06.23-Tuesday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a flat to positive note at 18682.35, our expected opening band 18670-18700 on opening move, the Index made a day high 18722.05 thereafter; it moved down, made a day low 18646.70 and closed at 18691.20 on a positive note with intra gain 25.70 points, i.e.,0.14%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 18705-18725 levels; if open, trade and sustain above 18725 then, the index may test 18745-18766-18795-18815-18835-18860-18886 levels. On the other hand, the immediate support lies at 18685-18660 if, the Index moves below 18660 then, it may try to re-visit 18645-18630-18595-18575-18555-18525 levels.

Special Mention: Yesterday, Nifty Index unable to continue the northward journey above 18777 but closed well above 18660 levels; today, the Index must sustain above 18777-18887 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 18645-18555, if the Index moves below 18555, then the Index may try to re-visit 18460-18200 levels in the near term. Let see how the Index opens today at 18705-18725 levels. This week, the intra volatility may be in a high note due to  F&O expiry and month-end factor, trade with due caution is my advice at this juncture.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 43714.75 on the opening move, it made a day high 43773.10; thereafter, it moved down, made a day low 43541.75 and closed on a positive note at 43641.05 with an intra gain 18.15 points, i.e., 0.04%, today the Nifty Bank Index must move above 43685-43770 levels; if to do so, then it may try to test 43835-43905-43980-44040-44160-44210 levels. On the other hand, any weakness near 43685-43770 further, it moves below 43595-43540 then, the Index may re-visit 43475-43345-43240-43070-43005 levels.

India Inc. Earnings:

India Inc. Q4 Earnings Session (Jan-Mar'23): So far out of 4248 companies 4161 of them, announced their Q4 earnings, the net profit seen a positive growth about 26%, when compared with a Q3 quarter. The Net profit for Q4 stood at Rs.309,775 cr., as against the Q3 net profit of Rs.245,929.40 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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Wishing you for a safe, secured and profitable trading.

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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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