Nifty Prediction : Buy on dips better | Momentum better

Daily Forecast – Share Market – August 10th, 2022

Buy on dips better | Momentum better

Venus with Saturn is leading the day, well supported by Sun, Mars, Jupiter and Mercury. Geopolitical and local political issues during this period may show some Utha-Patak. Which may show some impact on the market in coming period. We had good runup in past period. So, little bit of laziness is possible.

Inflation globally is on the upper side, but food and related segments may show little bit fall in prices (globally), whereas others are again showing upper levels of inflation. Market is watchful and for our market I can say that strength from our segments may show comparably better, despite of laziness (possible).

Importantly, Mars is ready move ahead and move in Taurus sign, hence conjunction impact of Rahu will be over.

Currency is again trying for INR 80 against USD. Bank and IT may give support to the market along with communication.

For the time being buy on dips will be better. Nifty may look for 17700 in coming period (I feel according to planetary movements).

China may show betterment, despite of chances for new health issues may give trouble them. Which may force to go for take care in deep.

Areas like banks, financial institutions, defence, power, chemicals, power, automobile, automobile tyres, ancillaries, coal, energy related segments, IT, communication, insurance, rubber, solvents, shipping and many more may show movements including sugar, textiles, footwear, leather, FMCG, fashion, readymade garments etc. Keep a focus on stock specific manner.

Stock specific trade will be better. If you want to go for long then study fundamentals and for trading purpose it will be better to go for technical.

Nifty may show some profit bookings on upper levels and buying on dips will be better.

Indian Currency

Indian Rupee may trade in between 79.30 to 79.90 per USD.

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

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