Daily Forecast – Share Market – May 16th, 2022

Buy on dip will be better | Banks Mixed | Nifty may look 16000

Jupiter with Sun is leading the day, well supported by Saturn, Mercury (Rx + Combust) and Mars. Importantly, today, Lunar eclipse will be observed in various parts of world (Indian market will open during the eclipse period. I agree that this eclipse will not be seen in India, but impact on other parts may give better impact on the market. This may give some better movements in the market.

Crude may show rise in prices. INR is still on the higher side (all time higher side). Mixed impact of the results of banks and other sectors.

I feel that buying from lower levels can be seen during the eclipse period. Moon is forming good relationship with Sun and Mercury, also with Mars and Saturn. It will be better to look for stock specific movements. Buy on dip and sell on rise possible.

Nifty may try to look for 16000.

Areas like Infrastructure, automobile, automobile ancillaries, metals, cement, defence, electrical and electronics, power, fertilizer, textiles, leather, IT, communication, aviation/logistics/space and related areas, crude, insurance, laboratories, pathological laboratories and chemicals, and result based stocks.

Keep a watch on automobile tyres (70% of raw materials are based on petroleum products – includes synthetic fibre, lubricants, synthetic rubber etc.) and paints etc.

Look for buy on dips and avail opportunities on upper side as and when required. Nifty may look for 16000.

Indian Currency

Indian Rupee may trade in between 76.70 to 77.60 per USD.

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