Daily Forecast – Share Market – September 7th, 2020

Nifty may try to hold 11300 | Keep a strict watch with stop-loss (either side)

Venus with Ketu and Sun is leading the day, and well supported by Saturn and Mars. Indications for the planetary position in coming period is changing. Mars has already slowed down speed (because is heading for retrograde position), in coming period Jupiter will also start transiting direct, so has also slowed down its speed. Impact may be seen in the share market and global movement of Political and other issues. Corona is spreading very fast, may touch six-digit figure in a day (in India), which may be very tough and tricky situation for the nation. Corona is once again showing return in Delhi and many other areas + new areas.

This is also fact that slowly and gradually, process of unlock is increasing, we have no alternate than to save economy also, which is drastically dropped – probably due to Lockdown and another important reason is downwards economy rate in past two years or so. We need proper “Shasak” for the Ministry of finance. We can not say that due to “ACT OF GOD” GDP rate for the last quarter is (-) 23.9%.

My point of concern is consumption in the market, this may further drop, due to unemployment. How long so called Honest Tax payers can run their family on PF withdrawals or arranging money from their savings etc.

Market may have pressure in the running period, although lord of the share market is in own house, trying to protect levels. Even then pressure is possible, or selling is possible or consolidation. Nifty may try to protect important level of 11300. But may look better, so look for opportunities at lower levels. Important reason for banks and financial institutions for the fortnight because of its lord in exalted sign.

In spite of lots of negative signs in market, global cues, and poor consumption including on crude also. Global news and cues will be important.  Keep a watch. Only announcements driven market can give stable growth in the market. Constructive work for economy will be important (if government can deliver).

Keep watch on communication, IT, e-commerce, and others in the area may be looking better, transport in all the surfaces can be bit better. Nifty is trying to hold levels.

Chemicals, leather, automobile, infrastructure, Petroleum, Gas, Pharmaceuticals, textiles, cotton, communication instruments and radar or related electronic segments may be doing better.

Bio-based segments in coming period may be doing better along with space related sectors. Dangerous point is monopoly tendency is increasing in the Indian market. Monopoly of one organization in the sector of Retail, communication, and data storing and negotiating with International giants. Keep a long term watch for consumers and related sectors.

Keep watch on Institutions also (Local and Foreign also).

Indian Currency

Indian Rupee may trade in between 72.90 to 73.70 per USD.

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