10.07.23-Monday, 08.30 am 

Good Morning all... 

What has happened on Friday? Nifty Index, as expected and written, opened on a negative note at 19422.80, our expected opening band 19450-19435 on opening move, the Index made a day high 19523.60 thereafter; it moved down, made a day low 19303.60 and closed at 19331.80 on a negative note with intra loss 165.50 points, i.e.,-0.85%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 19355-19390 levels; if open, trade and sustain above 19390 then, the index may test 19420-19440-19460-19477-19500-19525 levels. On the other hand, the immediate support lies at 19330-19300 if, the Index moves below 19300 then, it may try to re-visit 19265-19245-19225-19200 levels.

Special Mention: On Friday, Nifty Index though it continued the northward journey till 19523, as written and expected the technical sell-off dragged the Index till our strong support band i.e, 19300-19200, made a low 19303 and closed well below 19447 levels; today, the Index moves above 19420-19477 levels, then it may test 19525-19560-19675 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 19355-19390 levels. 

Nifty Bank Index: On Friday, Nifty Bank Index, opened at 45118.05 on the opening move, it made a day high 45227.25; thereafter, it moved down, made a day low 44844.80 and closed on a negative note at 44925 with an intra loss 414.90 points, i.e., -0.92%, today the Nifty Bank Index must move above 45000-45090 levels; if to do so, then it may try to test 45145-45225-45330-45415-45480-45565 levels. On the other hand, any weakness near 45000-45090 further, it moves below 44935-44845 then, the Index may re-visit 44740-44385-44280-44165 levels.

India Inc. Earnings:

India Inc. Q4 Earnings Session (Jan-Mar'23): So far out of 4248 companies 4173 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.309,819.30 cr., as against the Q3 net profit of Rs.245,867.10 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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