Daily Forecast – Share Market – May 17th, 2022

Nifty may look for 15925 – 15775 | Ups and downs possible

Sun, Jupiter with Saturn are leading the day, well supported by Mars and Mercury. Planetary changes are clearly impacting the global situation. Mars has moved in Pisces sign. It’s a day after of Lunar eclipse (which was not visible in India). Impact of the eclipse was in the house of foreign lands and expenses. Chances of inflation and pressure on currency (INR) is possible.

Crude and other related products are hurting the global economy, although consumption of crude is not on peak. Shortage of energy and others are again going to impact global issues in coming days. This has badly affected on few countries (they had to declare defaulter or close to default position).

Pressure of energy prices and weakening INR, this is not allowing the market to look upward direction. Global situation is also not comfortable. Our market may show Mixed day. This may give little bit of advantage on the opening values. Or better to say flat opening will not be surprising.

Major consumers are not able to go for shopping and look for incur expenditure due to unexpectedly increasing inflation, higher cost of every item including education, healthcare etc.

Market is looking not as good as it should have.

Areas like automobile, textiles, automobile ancillaries, infrastructure, power, renewable energy, coal, other resources of energy, sugar, glycol or gases, chemicals, healthcare – check closely, hospitals are also one area where one should keep a close watch. Insurance and other related areas may also be active during the day. Keep a watch on results (for intraday purpose).

Look for opportunities on either side for buying on dips and sell on rise. Market has to move back in coming days (I mean on the upper side).

Nifty may look for 15950 and some discounts on the upper levels.

Indian Currency

Indian Rupee may trade in between 77.10 to 78.00 per USD.

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