Daily Forecast – Share Market – May 17th, 2021

Nifty looking better | Profit booking on Upper possible

Moon, with Mars and Jupiter is leading the day, well supported by Saturn. Interestingly, Moon is transiting in own sign and Saturn and Venus are transiting in own signs. Rahu may behave like Venus on date and in coming period (time to time). Moon is forming good relationship with Saturn. Chances of movements in the market may be seen, even though foreign political issues are not positive, whereas US market played positively in their previous closing. But otherwise, other markets may be affected due to COVID.

In India, for the time being COVID is coming down, TRAHIMAM stage is not over, but indicating that due to lockdown situation is little bit improved. Planetary position wise, Saturn has started moving on curve so, speed for us is started reducing. That may be one of the reasons to indicate decline in COVID cases.

I feel market may show some positive moves in the market, but chances may be available on upper levels, so that means profit bookings on upper levels will not be surprising. Nifty may be trading at braker levels, so on upper levels, better to play safe. Opportunities at lower levels can be seen in various segments/companies.

IT, Logistics, communication, transport and many more related to web, DTH, fibre trade (wi-fi), may be looking interesting. This may help automobile Giant/agriculture tyre manufacturer, or we can say HCV/LCV with agriculture tyres. Textiles, insurance, leather, defence, power, electronic and electrical related to non-traditional segments, non-traditional areas may be looking better with alcohol and related areas.

Nifty may look for upper levels, but profit bookings on higher points not surprising.

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.