30.06.23-Friday, 08.30 am 

Good Morning all... 

What has happened on Wednesday? Nifty Index, as expected and written, opened on a positive note at 18908.15, our expected opening band 18830-18860 on opening move, the Index made a day low 18861.35 thereafter; it moved up, made a day high 19011.25 and closed at 18972.10 on a positive note with intra gain 157.40 points, i.e.,0.82%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 19010-19050 levels; if open, trade and sustain above 19050 then, the index may test 19080-19100-19125-19165 levels. On the other hand, the immediate support lies at 18980-18945 if, the Index moves below 18945 then, it may try to re-visit 18915-18887-18860-18820-18795 levels.

Special Mention: On Wednesday, Nifty Index continued the northward journey above the all time high i.e., 18887, made a high 19011 and closed well above 18887 levels; today, the Index moves above 19000-19050 levels, then it may test 19168-19448 levels in the near term. On the other hand, the strong support lies at 18887-18715, if the Index moves below 18715, then the Index may try to re-visit 18645-18465 levels in the near term. Let see how the Index opens today at 19010-19050 levels. Today, the intra volatility may be in a high note due to week cum month-end factor, trade with due caution is my advice at this juncture.

Nifty Bank Index: On Wednesday, Nifty Bank Index, opened at 44419.50 on the opening move, it made a day low 44163.20; thereafter, it moved up, made a day high 44508.40 and closed on a positive note at 44327.80 with an intra gain 206.30 points, i.e., 0.47%, today the Nifty Bank Index must move above 44375-44405-44510 levels; if to do so, then it may try to test 44600-44705-44810-44935 levels. On the other hand, any weakness near 44375-44405-44510 further, it moves below 44300-44245 then, the Index may re-visit 44170-44065-44040-43925-43825 levels.

India Inc. Earnings:

India Inc. Q4 Earnings Session (Jan-Mar'23): So far out of 4248 companies 4166 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.309,825.20 cr., as against the Q3 net profit of Rs.245,920.40 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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