07.07.23-Friday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a negative note at 19385.70, our expected opening band 19390-19360 on opening move, the Index made a day low 19373 thereafter; it moved up, made a day high 19512.20 and closed at 19497.30 on a positive note with intra gain 98.80 points, i.e.,0.51%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a negative note near 19470-19450-19435 levels; if open, trade and sustain above 19470 then, the index may test 19495-19510-19530-19550-19580 levels. On the other hand, the immediate support lies at 19405-19375 if, the Index moves below 19375 then, it may try to re-visit 19350-19330-19300-19260-19220 levels.

Special Mention: Yesterday, Nifty Index continued the northward journey above 19434, made a high 19512 and closed well above 19447 levels; today, the Index moves above 19512 levels, then it may test 19560-19675 levels in the near term. On the other hand, the strong support lies at 19300-19200, if the Index moves below 19200, then the Index may try to re-visit 19080-18887 levels in the near term. Let see how the Index opens today at 19470-19450-19435 levels. Today, the Intra volatility may be in high note due to week-end factor and Nifty Index trading at the highest levels also, technical sell-off may be expected at any time till 19300-19200 levels, trade with due caution is my advice at this juncture.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 45060.55 on the opening move, it made a day low 45042.60; thereafter, it moved up, made a day high 45417.50 and closed on a positive note at 45339.90 with an intra gain 188.10 points, i.e., 0.42%, today the Nifty Bank Index must move above 45375-45420 levels; if to do so, then it may try to test 45475-45520-45585-45655 levels. On the other hand, any weakness near 45375-45420 further, it moves below 45275-45190 then, the Index may re-visit 45130-45040-44940-44840-44790 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%.

Wishing you for a safe, secured and profitable trading.

DISCLAIMER:

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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