06.07.23-Thursday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 19405.95, our expected opening band 19395-19420-19435 on opening move, the Index made a day high 19421.60 thereafter; it moved down, made a day low 19339.60 and closed at 19398.50 on a positive note with intra gain 9.50 points, i.e.,0.05%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 19390-19360 levels; if open, trade and sustain above 19390 then, the index may test 19420-19435-19445-19470-19500-19520 levels. On the other hand, the immediate support lies at 19340-19315 if, the Index moves below 19315 then, it may try to re-visit 19300-19280-19265-19235-19205-19170 levels.

Special Mention: Yesterday, Nifty Index unable to continue the northward journey above 19434, further the Index made an inside day pattern i.e., not broken previous day high or low and closed well above 19345 levels; today, the Index moves above 19445 levels, then it may test 19560-19675 levels in the near term. On the other hand, the strong support lies at 19200-19025, if the Index moves below 19025, then the Index may try to re-visit 18887-18645 levels in the near term. Let see how the Index opens today at 19390-19360 levels. The Intra volatility may be in high note due to today's option weekly expiry and Nifty Index trading at the highest levels also, technical sell-off may be expected by this week till 19200-19025 levels, trade with due caution is my advice at this juncture.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 45169.70 on the opening move, it made a day high 45418.90; thereafter, it moved down, made a day low 45073.40 and closed on a negative note at 45151.80 with an intra loss -149.65 points, i.e., -0.33%, today the Nifty Bank Index must move above 45220-45315 levels; if to do so, then it may try to test 45380-45510-45780-45655 levels. On the other hand, any weakness near 45220-45315 further, it moves below 45115-45040 then, the Index may re-visit 44980-44910-44840-44780-44715 levels.

India Inc. Earnings:

India Inc. Q4 Earnings Session (Jan-Mar'23): So far out of 4248 companies 4170 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.309,824.70 cr., as against the Q3 net profit of Rs.245,887.00 cr. 

INDIA's Macro Data:

On 03rd Jul'23, the S&P Global Manufacturing PMI data for the month of Jun'23 released, it moved down to 57.80% from 58.70% (May'23). Likewise, the S&P Global Services PMI data for the month of Jun'23 released on 05th Jul'23, it marginally moved down to 58.50% from 61.20% (May'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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