12.07.23-Wednesday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 19427.10, our expected opening band 19380-19405 on opening move, the Index made a day low 19406.45 thereafter; it moved up, made a day high 19515.10 and closed at 19439.40 on a positive note with intra gain 83.50 points, i.e.,0.42%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 19440-19460-19475 levels; if open, trade and sustain above 19475 then, the index may test 19495-19515-19545-19585-19610 levels. On the other hand, the immediate support lies at 19415-19390 if, the Index moves below 19390 then, it may try to re-visit 19375-19355-19330-19305-19265 levels.

Special Mention: Yesrterday, Nifty Index unable to continue the northward journey beyond 19523 and closed below 19447 levels; today, the Index moves above 19475-19523 levels, then it may test 19560-19675-19745 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 19440-19460-19475 levels. The intra volatility may be in high note due to tomorrow's weekly option expiry and Q1 for 2023-2024 results are expected from today, the IT major giants TCS & HCL announcing their results today.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 44998 on the opening move, it made a day high 45139.55; thereafter, it moved down, made a day low 44663.05 and closed on a negative note at 44745.05 with an intra loss 115.80 points, i.e., -0.26%, today the Nifty Bank Index must move above 44775-44875 levels; if to do so, then it may try to test 44960-45000-45085-45140-45270-45365 levels. On the other hand, any weakness near 44775-44875 further, it moves below 44720-44665 then, the Index may re-visit 44535-44495-44385-44275-44165 levels.

India Inc. Earnings:

India Inc. Q4 Earnings Session (Jan-Mar'23): So far out of 4248 companies 4176 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.309,818.60 cr., as against the Q3 net profit of Rs.245,869.00 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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