13.07.23-Thursday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 19497.45, our expected opening band 19440-19460-19475 on opening move, the Index made a day high 19507.70 thereafter; it moved down, made a day low 19361.75 and closed at 19384.30 on a negative note with intra loss 55.10 points, i.e.,0.28%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note near 19435-19465-19475 levels; if open, trade and sustain above 19475 then, the index may test 19490-19505-19545-19585-19610 levels. On the other hand, the immediate support lies at 19395-19360 if, the Index moves below 19360 then, it may try to re-visit 19325-19305-19265-19230-19200 levels.

Special Mention: Yesrterday, Nifty Index unable to continue the northward journey beyond 19523, made a high till 19507.70 further, it was consolidating with negative bias 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 19435-19465-19475 levels. The intra volatility may be in high note due to today's weekly option expiry and tomorrow's week-end factor.

Nifty Bank Index: Yesterday, Nifty Bank Index, opened at 44872.60 on the opening move, it made a day high 44937.25; thereafter, it moved down, made a day low 44562.40 and closed on a negative note at 44639.45 with an intra loss 105.60 points, i.e., -0.24%, today the Nifty Bank Index must move above 44750-44865 levels; if to do so, then it may try to test 44940-45040-45090-45165-45235-45325 levels. On the other hand, any weakness near 44750-44865 further, it moves below 44650-44560 then, the Index may re-visit 44460-44385-44275-44165 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 May'23 released on 12th Jul'23-Wednesday, the data shows that, the Industrial production has moved up to 5.20% when compared to the Apr'23, it stood at 4.20%. 

Annual Inflation data for Jun'23 releasd on 12th Jul'23-Wednesday, it shows that the Inflation has gone up to 4.81% from May'23 level i.e., 4.31%.

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.

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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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