11.07.23-Tuesday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 19400.35, our expected opening band 19355-19390 on opening move, the Index made a day high 19435.85 thereafter; it moved down, made a day low 19327.10 and closed at 19355.90 on a positive note with intra gain 24.10 points, i.e.,0.12%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 19380-19405 levels; if open, trade and sustain above 19405 then, the index may test 19420-19435-19465-19495-19525-19555-19585 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: Yesrterday, Nifty Index unable to continue the northward journey and not broken the previous trading day high or low point, further it closed well below 19447 levels; today, the Index moves above 19447-19475 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 19380-19405 levels. 

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 44958.65 on the opening move, it made a day high 45184.30; thereafter, it moved down, made a day low 44721.90 and closed on a negative note at 44860.85 with an intra loss 64.15 points, i.e., -0.14%, today the Nifty Bank Index must move above 44945-45050 levels; if to do so, then it may try to test 45130-45185-45310-45340-45420-45550 levels. On the other hand, any weakness near 44945-45050 further, it moves below 44845-44720 then, the Index may re-visit 44600-44495-44385-44275-44165 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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