Nifty Prediction : Nifty may try to hold 9150 | Wait, watch and move

Daily Forecast – Share Market – May 12th, 2020

Nifty may try to hold 9150 | Wait, watch and move

Sun with Mars is holding the key for the day, well supported by Ketu. Indications are cues from foreign trade will be playing its role. Banks and financial institutions may not be supportive during the day, whereas local government/cabinet and state governments are trying to charge revenue resources but are confused and afraid of spread of Corona Virus. Venus, Jupiter, and Saturn are transiting at the slow speed. Venus will start transiting retrograde on 13-05-2020 and Jupiter will start transiting from 14-05-2020 evening. Hence, these planets are not comfortable for giving results.

Impact on crude even after reduction of production.

Pressure or little bit of profit booking possible. It will be better to wait for the opening session. I feel due to local movements in coming period (estimation), market may try to hold base of Nifty. Only point of concern is Banks and financial sector.

I would like to look for infrastructure, power, automobile for the coming period (not for long at the moment). During the period of Lock down, IT, and some other fields have worked from work from home (including communication – got advantage of lock down), it is also fact that global situation was not comfortable and also confused but above mentioned sectors may be bit better during the coming period (results wise).

Quarterly reports may not be encouraging for last quarter and for the running period. So, results of companies will not be satisfactory.

Unemployment issues are very high, that’s why government may take risk to give permissions for opening of partial area of economy. Even government and state government need revenue along with a common person.

Nifty may try to hold 9150 levels. Crude despite production cut, may not be able to enjoy price advantage due to Ketu/Rahu – Virus related pressure. INR may face some pressure.

Indian Currency

Indian Rupee may trade in between 75.40 to 76.40 per USD.

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** Before investing or trading please check technical aspects also, it’s a reading based on planetary movements.

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