Daily Forecast – Share Market – August 8th, 2022

Nifty range may remain 17250-17500 | Buy on dips

Mercury with Jupiter (Rx) leads the day, well supported by Venus, Saturn (Rx), Mars, Sun, and Ketu. Remember tomorrow will be non-working day for share market due to Muharram. It means one day short in the week and a long weekend because on Monday (coming will be holiday for the exchange).

This week is leading us for the celebrations of 75th anniversary of Independence. I hope share market may also prefer to celebrate 75th anniversary. But Foreign cues and planetary positions are indicating ups and downs in the market.

Utha-patak in local political relationships can be seen in coming period.

Geo-political situation is not decent. China is aggressive on Taiwan, whereas US and Germany are supporting Taiwan. Resulting some impact may be seen on the Asian and other market. Secondly, tomorrow is holiday. Trading should be accordingly.

Or we may consider the previous sessions as consolidation in the market and preparing for a jump for better position. Nifty may trade in between 17250 to 17500.

Action in banks and may give some opportunities on dips. Petroleum, automobile, power, automobile tyres, cement, gas and chemicals with electronic & electricals, defence, IT on dips or otherwise also available at better rates, check for e-payment related segment, e-business will be better, FMCG may face some issues, automobile batteries, and due to Taiwan issues may develop in vehicle manufacturing please keep a watch.

I feel despite of geo-political issues, according to planetary position we may buy on dips for normal period and move according to situation in coming period.

Nifty range may be within 17250 to 17500.

Indian Currency

Indian Rupee may trade in between 78.80 to 79.60 per USD.

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