Daily Forecast – Share Market – October 16th, 2020

Nifty may show Bounce back | Stop-loss Important | Profit booking possible

Mercury, Mars with Venus are leading the day and well supported by Sun, Moon and Rahu. Wobbling of lord of share market and banks had played its game on previous working day, this wobbling will be continued in the month. So, trade wisely, but I am also sure that market may come back at the levels of Nifty’s 11935.

In fact, global markets are looking for the support from their respective government, because consumers are facing great financial crises. It had affected per capita income of nationals. In India we are badly influenced negatively. Government is not supporting directly to the Honest Tax payers in Urban areas, because rural areas, they are tax exempted on agriculture income. Actual consumption of white goods and many products is high in urban areas. But Voters are active in rural areas. That may be one of the reason – middle class employees of Private sectors (lost jobs, salary cuts etc.) are not getting support.

Bounce back is possible, but due to wobbling lord of the share market, banks and foreign market/cues are not supporting, so any moment bounce back may show fall. Hence trade with care, stop-loss on either side will be important.

Government may focus on other source of Income, because GST and other taxes may show fall, due to poor Income of Urban area’s middle class nationals.

Upward movements are possible, but trade wisely, possibility of Profit booking on upper levels possible.

Pharmaceuticals may be showing movements, Corona is indicating upward moves (Globally), second important event is also ahead – US election.

Nifty may look for 11775 or so, but trade with stop-loss.

Indian Currency

Indian Rupee may trade in between 73.00 to 73.80 per USD.

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