Nifty Prediction : Nifty may hold 11075 and look for 11300 (in coming days)
Daily Forecast – Share Market – August 7th, 2020
Nifty may hold 11075 and look for 11300 (in coming days)
Mars with Mercury is leading the day, with support of Ketu, Saturn (Rx), Jupiter (Rx), Venus and Sun. Global cues are important for the day during the day. Indications are that due to rising COVID19 cases, situation is bit tough. Global cues are still better for the coming period, reason may be global working has started, but rising of Gold is giving an alarm for the market. It is surprising that all the asset class is moving with the same pace.
Even then, trimming or consolidation on the upper levels will not be surprising. Style of RBI has boosted temperament of market on previous working. Watch on institutional movements, watch FIIs and DIIs. I will prefer to watch FIIs categorically. Nifty may try to look for further levels, but condition is support from banks which may show some tiredness.
Local situation for middle class is not good, they are unable to share their pain after either losing jobs or losing salary for 2-3 months or deduction of salary, even government is also not worried for them because they are HONEST TAXPAYER. They may hurt consumption story in long term. Real worry is for them.
It is really surprising that ministry of FINANCE has nothing to support them. Banks are encashing situation and monopolizing with middle and salary class employees. They know or have realized that, giant fishes are beyond their grip.
Many segments may remain active, automobile, metal, engineering, electronic and electricals (PSUs) may remain active. Defence with insurance, laboratories, and research based segments + petroleum may remain active.
Nifty may trade within the range of (+/-) 125 Nifty points (for stop-loss purpose.
Indian Rupee may trade in between 74.20 to 75.10 per USD.
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** Before investing or trading please check technical aspects also, it’s a reading based on planetary movements.
Categories: Share Market